I'm not sure I understand what you mean. I guess you are asking about how to make a game that has the same level of graphics quality from a 10-year-old game, but on today's hardware?
It is certainly possible. To understand this, you have to know that there are two things that make newer games have better graphics: more advanced features on graphics cards and higher detail for the artwork (textures, 3D models, etc.). The fact that there are more advanced features available on modern graphics card does not, in general, prevent you from not using them. Most (if not all) of the original basic features they had available in 2001 are still available today, it's just that people don't use them as much because the better options are now available on all modern computers and run fast enough. It's certainly possible to run the same old basic cheap-looking features they used to be limited to a decade ago. When I talk about features like that, I mean things like: pixel shaders (current) vs. fixed rendering pipeline (old); quadratic / tri-linear / anti-aliased texture filtering (current) vs. linear / near texture filtering (old); multi-texturing (current) vs. single textures (old); and so on.
As for the artwork, there is no problem is using lower resolution textures, coarser models, more shallow scenery, etc.. The only reason why higher quality artwork is used right now is because the graphics cards have enough memory to deal with them, when they previously couldn't.