Hardware: apart from the terminal itself, you need the appropriate type of serial cables (depends on hardware you have), a serial port, and a null modem. The old beige G3 is the only OSX supported computer that have the appropriate built-in serial ports. If you're not the lucky owner of such a machine, you can use a USB - RS232 interface (I do have a beige G3, so I do not have tested this with USB, but it should work as well).
Basically, you simply connect the serial connector of the old terminal to the null modem (whose function is to swap transmit and receive lines), then the null modem to the serial connector of your computer.
Configuration: from the command line, backup the original ttys file by typing sudo cp /etc/ttys /etc/ttys.orig. Edit /etc/ttys with your favorite text editor as administrator to enable login from the serial line -- change the line:
tty.serial "/usr/libexec/getty serial.9600" vt100 off secureto the line:
tty.printer "/usr/libexec/getty serial.9600" vt100 on secureNotes: I use tty.printer, which is the printer port on my beige G3. Obviously, use tty.modem if you connect your old terminal to the modem port. I don't know the appropriate device for a USB-RS232 interface. If someone try this, please post the info here. Also, your old terminal should be set at 9600 baud. If you use 19200 baud instead, use serial.19200.
Final step: next time you reboot with your old terminal properly connected and configured for VT100 mode and 9600 baud, you should get a login prompt on it. Enter your login and password, and you're now able to run any command you like!