Yeah you can but it's not worth it. (on Mame)
MameoX128 is the best Mame emu, plays all of the old games absolutely fine.
It plays some of the 'newer' ones such as Gunbird 1/2, Vasara, Aero Fighters/Sonic Wings 1/2/3 absolutely fine too.
To play Neo Geo games I use the AWESOME FBA-XXX Pro. This'll run any CPS1/CPS2/NeoGeo game in the dat fine.
Runs all KOF (inc. 2003), SVC, Metal Slugs, Fatal Fury, Art of Fighting, Giga Wing... yadda yadda without a single problem (so far).
I'd recommend them both, I play them both a hell of a lot, whereas Mame on my PC doesn't get a look in. (Despite my computer being able to run a hell of a lot more).