Well, yes and no, it will play some games, some it wont.
I would suggest grabbing a Casio E-125 at Best Buy for $299.00 this week if you want to play games..
I JUST returned my Ipaq 3150 because it wont run game emulators and the screen is hard to read in the house, and you cant press 2 buttons at the same time in games.(Run and jump, and moving diagonal is nearly impossible.
I know the price is right, but pay a little more for the Casio and you get 32megs and color, and no button problem!