Awwwllrighty then!! Finally got it to work. Unfortunately the suggested methods were futile, with the exception of naming the folder in the roms folder sfiii. Here's what I did. I went to All Games in the Mame GUI and looked for SF3 the new gen. I audited the games and found these errors:-
sf3000.chd NOT FOUND
sfiii_usa.29f400.u2 NOT FOUND
I realised that by simply renaming the chd to sf3000.chd that error was eliminated after auditing again.
Next I searched for the second missing file and found it here (how the hell do you post html tags on this thing) Anyhow http://www.usaupload.net/d/lbyqgnbd2kn
I placed this second missing file in the sfiii folder, then audited again and presto!
When the game loads up, you should set the controls, as the game will prompt you to press the P1 button 1(low punch) for some memory configuration.
Thanx for all your help guys. Think I'm goin to try out Streetfighter 3 Second Impact :) Don't know why I did'nt try that in the first place as the new gen. only has 8(eight) characters Lol