The PlayStation 3 was a home video game console developed by Sony Computer Entertainment as the successor to the successful Playstation 2. The PlayStation 3 mainly competed with Microsoft's Xbox 360 and Nintendo's Wii as part of the seventh generation of video game consoles. The original PS3 was released in 2006 with a "Slim" version released in 2009 and a "Super Slim" version in 2012. It was the first console with a Blu-ray drive and could also be used as a quite decent player for DVD and Blu-ray movies.
Due to the complexity of the console, PS3 emulation was considered virtually impossible for a long time. However emulators have now reached a level where they can actually boot games and run them at a decent speed (provided your PC is fast enough).