Microsoft has announced during their CES press conference that over one thousand of your favorite old-school games will soon become available on Xbox Live and Games for Windows. Once again, those games you wasted hundreds of quarters on, or have collecting dust in your closet, will become available for you to purchase on both Xbox Live and PC.

For those that have kept up with some of Microsoft’s many rumors, “Game Room” is a feature that was found in an Xbox survey a couple of months ago. Well, it is real, and to be quite honest, very intriguing. Read on for more details and a video after the break.

As Major Nelson describes it, “Later this Spring, ‘Game Room’ will come to Xbox LIVE. This is a destination for the classic arcade games.  You can buy once and play on both your Xbox 360 and Windows PC. A new game will be released every week. You’ll be able to invite friends through Xbox LIVE and share your custom arcade and show off your personal collection.”

Keep in mind, if you wish to live like a true arcade player, a game can be played once for a much smaller fee. This small fact brings up a big question that is not yet answered: is this small fee, or purchase of the game itself, required to play a friend’s games while in their game room?

Reliving some of these classics with my friends, in my own custom arcade, or “Game Room” as it is being called, while fulfilling the achievement whore inside of me has me sold ten times over. Are you as excited about this as I am?

Update: A fact sheet on Game Room has been provided by Microsoft. It clears up the above question by stating, “Visit your friends’ ‘game rooms’ and try their games free before you buy.” This, in my opinion, is a fantastic feature and one that could have been a deal breaker for me.