In fact you completely mistaken about what is console music. It's not about 8bit, to make it sound that way.. first of all in old consoles there were no sound cards or anything like this to process the sound. Console like c64/sega/nintendo had a microchip which had some kind of "instruments" like a midi chips has nowadays.. To create music like that you need software called "Tracker". There are lot's of tracker out there.. The most modern that's still actively being developed is Milky Tracker [it's free] Milky Tracker based on Fast Tracker which is DOS most famous mod tracker ever been created.
anyway that kind of music called Chiptunes, and that kind of method to make music that way is called MODS [Modulated music]
Here's info about tracker software: http://en.wikipedia.org/wiki/Tracker_%28music_software%29
Here's info about Module files: [find in wiki "module file", I don't have enough reputation to post more links]
To learn this art, you need some skills in music. Everything that you saw in youtube people made from midi files, there are some midi2xm converters but it's not accurate and usually everybody just fixes errors by hand... For example Pink Floyd album was converted in chiptune that way.
but if you talking about music that somebody created, so be sure that artists really knows how to work with music trackers and even have a midi keyboard at home.
I created few tunes too, it was really hard, about one night per tune.