This is my favorite NES game from my childhood.  With the NES controller I could win almost every time; the computer controls are a little difficult but I'm getting used to them.  Here are some game-winning strategies I use:
1.  When the game first starts grab the 2 light bulbs inside the front door.  Go to the right and lay them down in front of the stairs that lead to the basement.  Now grab the Christmas tree lights and TV (very long trap) and head down the stairs to the basement.  Once you are down the stairs go all the way to the furthest left corner.  There is a hiding spot there.  When I go into a hiding spot I lay a trap down right in front of me so that I'm protected when the robbers come since they run very fast at times.  I've been able to spend up to 5 minutes in that basement hiding spot.
2.   As soon as a robber is in the basement another good time waster is to run back and forth in the basement, laying traps to each end and making them chase you to the other end.  The basement is loaded with traps, so this strategy can easily take care of another 5 minutes for you.  As soon as both robbers are in the basement leave as fast as you can.  To get them to separate again I run laps outside the house to the tree house, top floor of the house, down the drain pipe, and around the front of the house.  I eventually get back down to the basement as many different times as I can using that same hiding spot.  The basement is the best spot to stay in the majority of the time since you can see them coming from up above and at one end you have a wall behind you for safety. 
3.  Do you know how to get the chandeliers down?  You can only have 2 traps in your inventory in order to do it.  You need to stand directly above one on the top floor, hold the down arrow, and push whichever button you are using to collect traps.  That will send them to the 2nd floor, but they will not be active traps.  You have to go pick them up in order to use them.  They last a very long time and can only be used once, so use them wisely
4.  Moonwalk glitch:  When you are way over to the left of the screen in the basement or outside the house you need to go to the edge as far as you can, then hold the right arrow and you should be doing the Moonwalk!  I've also been able to do it in the tree house when you go way over to the right of the screen.  Be careful the robbers don't sneak up on you though while you are trying to do the trick!
5. Try not to bother with traps in the kitchen or ones on the 2nd floor.  They are so short and you have to use stairs or that weird door off the drain pipe to get to them and that's where the robbers can catch up to you since they can move faster on stairs and doorways than you can as the kid.

kramer4077 : I forgot this game exists! WOW! Despite the general opinion based on the ratings, I think I'm gonna try this game. I mean, why not, it's the "movie game." And who didn't love Home Alone the movie. I'm glad I came across this for the reminder that this game exists, for better or worse. At least you seemed to like it.