Supermodel
From Sega Retro
Supermodel running Daytona USA 2: Power Edition.
Supermodel is a Sega Model 3 emulator written by Bart Trzynadlowski. The project began as early as 2003, but was put on hiatus before a substantial amount of work was done. It was picked up again in January 2011, with the emulator completely re-written in C++ and the first public release debuting in April 2011. As of May 2011 it is one of only two methods of emulating Sega Model 3 games - the other being MAME, which typically fails to load most of the library.
As of its most recent version (0.2a), Supermodel can run a few Model 3 games almost perfectly with sound such as Scud Race. A UI is available as well called Supermodel UI.