Update It seems Xbox LIVE users are having some problems trying to download Game Room from the service, but Major Nelson assures us that the problems are being investigated. End of Update

About two months ago now, Microsoft announced and detailed an initiative called Game Room for Xbox LIVE Arcade that would enable gamers to travel back in time and play some classic arcade and home console games from the 80’s, right from the comfort of your own Xbox 360 and PC.

These games would be perfectly emulated to match their original counterparts, with no further graphical additions, but with the back-end technology you would expect from an Xbox LIVE Arcade title, such as leaderboards, Achievements (in a limited capacity), social functions and some multiplayer abilities thrown into the mix (local, not online at the moment).

Well, today marks the day that Game Room launches on Xbox LIVE Arcade for free, with a host of inexpensive, classic titles to purchase and download, like Gravitar, Centipede, Yar’s Revenge, Combat (!), Tempest (!), Jungler (dude, Jungler!), and more.

Check out the full list of titles now available for Game Room, as well as the pricing structure below:

• Adventure
• Armor Battle
• Asteroids Deluxe
• Astrosmash
• Centipede
• Battlantis
• Crystal Castles
• Gravitar
• Lunar Lander
• Red Baron
• Combat
• Finalizer
• Football
• Tempest
• Jungler [Get your Jungle on!]
• Millipede
• Outlaw
• Road Fighter
• Realsports Tennis
• Sea Battle
• Scramble
• Skiing, Mountain Madness/Super Pro
• Space Armada
• Space Hawk
• Shao-lin’s Road (Kicker)
• Star Raiders
• Super Cobra
• Sub Hunt
• Tutankham
• Yar’s Revenge

For 400 MS Points, you can play your Game Room games on both Xbox LIVE and Games For Windows, while 240 MS Points will allow you to play your chosen game on either platform (not both). If you just want to try a game out, or play a few sessions per day before you get tired of it, you can pay 40 MS Points to give you “two quarters” (presumably two ‘lives’) of playtime.

You can find out a whole lot more about Game Room and how you interact with the front-end through El33tonline’s previous coverage of the system.