Wave Race 64 v1.1 US
I'm using power kernel @ 900 Mhz to have smooth graphics & audio.
Mupen64 is 1.5 dev, Graphic Gles 2n64 v0.0.4, Audio pa64, Input blight's SDL input plugin 0.0.10
Main settings : Dynamic recompiler (the rest doesn't work for me)

I feel like playing the real thing at full speed. No problem really (audio break every 3 sec).