If you want (and are good) you can write a game based on arcade hardware (IOW, an arcade game), and add it to your personal (editted & recompiled) version of mame. I think someone did that a couple years ago (even if the game was just for testing IIRC), but can't find it ATM.
And it would be cool to write an arcade game that would work on real arcade hardware.
But it's far easier to write a game for your PC that's arcade-like, like the others suggested.