RPCS3 is an open-source Sony PlayStation 3 emulator for Windows and Linux written in C++. It currently runs only small homebrew applications. The source code for RPCS3 is hosted at GitHub. There won't be official releases for some time, but in the meantime you can grab the lastest compiled revisions at EmuNewz.
What are the hardware requirements I need to run it?
The requirements for running RPCS3 are still not fully known and may change a lot in its current development stage. The absolute minimum requirements for running the program are 64-bit OS, a modern x86 CPU that supports SSE2 (and SSE4 for the recompiler) and a OpenGL 4.2 compatible graphics card (integrated GPUs such as the Intel HD Graphics don't work for now).
Does RPCS3 support commercial games? When will it support them?
No. RPCS3 cannot run commercial games yet because it's in an early stage of development. A lot of features required to run commercial games still have not been implemented. Commercial games will be supported when the hardware/firmware emulation is accurate enough to run them. It all depends on the amount of developers working on this project, their skills, and free time, etc. so ignore any estimates and guesses you find out there.
Will RPCS3 be ported to platform X or include feature Y?
As long as the platform is powerful enough to emulate the PlayStation 3, probably yes. However, at the moment we only target Windows and Linux. The same applies to features, if they are reasonable and requested by enough people, we will probably agree and implement it. However, for now, we consider the emulator itself our biggest priority rather than all the other secondary features (multiple languages, higher rendering resolutions, PlayStation Move support, etc.).
I'd like to make a patch/develop/contribute to the project.