I was just wondering, if there is a potent Xbox Emulator out there for playing arena on the pc, since it is quite doubtful that there will be a pc version.
Even if you could, the core of Arena is multiplayer... that's going to be even more dificult with some kind of PC mod than just getting an xbox and arranging to meet other people from here on Live (difficult as in finding other players).
There's a few single player things, like the practice mode... the gauntlet thing with the Midway class ship, and the bonus asteroids-like game. But the all the best bits and the meat of arena are it's 16 player multiplayer modes. Multiplayer is a blast but I imagine the stuff that's left for single player only would get boring fast.