Commercial/Game-based Low Cost Virtual Simulator

How close are we to being able to create an entire virtual simulator using commercial and gaming technologies? If we were to sponsor a competition to create a CCTT-like or AVCATT-like module (just the crew compartments and supporting computers, not the supporting tools) that trains the same skills, but is built using low-cost commercial items, what could industry accomplish? What price range could this reach? Is it possible to build an acceptable training device like a CCTT module using game engines, their associated development environments, computer peripherals, and low cost enclosures – which can be delivered for less than $50K each?