Derogatory term used in place of emulating, the practice of playing video games using an emulator, almost always without paying for it, on a computer instead of on the game’s intended hardware or official rerelease.
Typically used by those who see emulating as either illegal or who value physical media and see playing games on a computer using ROM files as soulless and not how the developer intended.
Person 1: Wow, this game from 1995 looks really cool! But it’s going for $400 on EBay...
Person 2: Dude, just emulate it
Person 3: sorry, I don’t emutilate games.