Basic ideas:
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Subdued lighting
  Best recreates the arcade look-and-feel.
  Primary lighting is from the arcade games themselves (screen, marquee).
  No strong overhead lights which produce glare on screens.
  Diffused, indirect, and colored lighting work well.

Fluorescent
  Typically very long lasting
  Blacklight tubes popular
  Colored tubes are available and interesting, but very limited availability

Blacklights
  Avoid *incandescent* black light bulbs
    These are standard screw bulbs that are blacklights.
    They produce massive heat
    Almost no blacklight effect (in ones I've tested)
    Often burns out annoyingly quickly (in ones I've tested)

Colored lights
  Really helps in creating mood and atmosphere.
  More expensive than regular bulbs.
  Most common are the 25 watt "party bulbs".
  100 watt floodlight (be sure to get indoor/outdoor variety) - may be too strong
    Excellent price at the site below. 
    http://www.cornerhardware.com/hardware/Lighting/Lightbulbs/Colored_Bulbs-240.html
  40 watt bulbs and 50 watt reflectors also a possibility
    http://www.amazinglightbulbs.com/shop.php?CategoryID=4
    http://www.villagestreetwear.com/coloredbulbs.html
  Avoid "black light bulbs" in a standard lightbulb shape and size.
  Christmas tree lights are cheap, but probably too cheap an effect to be used.

Rotating siren lights
  Could go either way. Don't know of any in use in a game room.
  Another alternative would be the actual rig from the top of a police car.
  Probably would want to substitute for lower intensity lights.
  http://www.villagestreetwear.com/sirrotlig.html

Disco Balls
  General concensus is that it is good for a gameroom.
  Need a rotating ball, plus a spotlight to create the reflections.

Lighted Exit Sign
  Appropriate for use in arcade environment.
  Ideal if room has no external lighting and the sign has a battery backup (for power outages).

Authentic Traffic Light
  More gameroom-like than arcade-like, but acceptable.
  An authentic one is not as expensive as you may think. ($100 or less used)
  Impressive and large. Draws attention and starts conversation.
  Takes standard house wiring voltage and light bulbs.
  An internal reflector signficantly increases the intensity of the light.
  15-25 watt bulb appropriate for an indoor dark area
  40-60 watt bulb appropriate for an indoor lit area
  Can be too bright when viewed directly. Light is directional... brightest in front.
  Offset so it isn't viewed head-on.
  Consider a traffic light controller: http://www.trafficlights.com/P3ad.htm
  Two traffic lights look best when placed 90 degrees in a corner of a room.
  With traffic lights facing two or more directions, consider an advanced controller
  Advanced controllers are at: http://www.trafficlights.com/p6ad.htm
  Crosswalk signs can make a good addition or alternative.

Rope Lights
  Around the edge of ceiling.
  Arranged into a pattern or shape on the wall.
  Around the floor or doorways.
  Alternative to exit light (emergency light) if placed on a UPS.
  Some included mounting hardware is bad - breaks easy [enclose picture]
  Recommend hooks designed to guide large wires [enclose picture]
  Difficult to get perfectly straight.
  Best time to buy can be after Christmas.
  Apparent tube color can be deceptive.
     One tested blue tube is washed out w/white bulbs. [enclose picture]
     One tested dark purple tube correctly appears blue. [enclose picture]
  Chaser rope lights possible.
     More expensive.
     Needs a controller box.
     Speed adjustable.
     Possibly annoying? Distracting?

Neon tube lights
  Very affordable compared to 1980s.
  Very wide selection.
  Generally runs on 12VDC (with a wall adapter).
  Good for accenting doorways or other items.
  Also good for colored lighting. 

See "special effects" for more ideas.
 
Work lighting
  You may want bright conventional lights for repair work or cleanup.
 
Energy saving / heat reducing
  Replace the incandescent bulbs inside games -- flourescent bulbs with an incandescent base
  Use the lowest wattage available (it'll still be more powerful than a regular bulb)
  Too bright can fade a marquee