I've been doing it for years.
DC, USB, some psx pads, xbox all use digital signals. Not only that, most of them are active low, and also have a single ground for all buttons.
So, hacking 2/3/4 pads together is a simple matter of twisting the 'hot' wires together for each button. Then, also short all common grounds together. Lastly, you need to provide power to all pads in order to use any combination of them.
Here's an example....www.geocities.com/alainprice/ownzord3.jpg
It works on USB, Dreamcast, and the LED's count as a third system. It steals power from the pads, so no power supply is needed. All the wiring is passive.