Currently you can sell a megadrive for about £40' s on Ebay
with modifications, yes
The original price of the Sega Megadrive originally was $159 but was dropped by the company down to $99 after only a few months. They are still available on websites like eBay.
It was in 1991 on the sega megadrive (16-bit)
They used to. Ever hear of the Sega MegaDrive or the Sega Saturn? They also did a handheld device called the GameGear. Google it for more info. ;)
In my experience, .SMD files are Sega Megadrive game files, so you'll need a megadrive emulator. Hope this helps.
sonic the hedgehog 3 is the third game in the classic Sega Genesis / MegaDrive Games.
No. Both are different types of RPG's. Phantasy Star is made by Sega and was released on the megadrive/genesis system. Final Fantasy is made by Square Enix and runs on multiple platforms except for sega genesis/megadrive. Final Fantasy games are much more user friendly.
Assuming you mean the 'SEGA Mega Drive Collection' UMD, just insert it into the PSP, the instructions for the games should be in the manual or at least explained in-game.
Nintendo Wii, GameCube, Switch, SNES, NES, SEGA MegaDrive
At this time the only reliable way to purchase a Sega megadrive console is by bidding and winning at auction, or using the 'buy it now' feature many auctions offer. At auction the console is selling for as low as $33.00 USD and as high as $150 USD.
The Sega Genesis/Megadrive version is way better than the master system version. But you could still get both to experience the different play-styles.