How feasible would a "console card" be?

By “console card” I mean an add-on card that can be installed in a PC, that handles all the data translation of Console games between the disk and the PC, while utilising the PC’s CPU and GPU.
Basically a hardware based console emulator, with the added functionality over the console to output higher resolutions than the console. It would be cheaper than a full console, since it does not need its own disc drive, hard drive, cpu or graphics unit, because it would use those already present in the PC.
With this, console manufacturers could fill the demand of people who would like to play console games, but that either do not have the money, or do not want to spend that much money, to buy a full console and the necessary LCD television set.