Oooh, I never thought of doing something like that. You won't be able to get very good high def through the eeePC, 720p max if that. I'd recommend getting something like the AspireRevo. It uses the Nvidia ION platform which uses the GPU for bluray decoding, allowing for full 1080p playback. It only costs $260, so it's pretty affordable for what you get.
As far as the dolphin emulator part goes, I'm sorry but that's not going to happen. With dolphin being just last gen it'll take a powerful computer for it to play anywhere near full speed. But you could always throw an NES emulator on there =D
Edit: I should add, the AspireRevo is looking at a mid may release date. So it'll be after your CS exams =)