LOL... I think this could be possible, of course... but as far as I know there is nobody in the world trying to make a hardware specific emulator... but if, "if" there exist some emulator like that, somebody will need a very very powerfull computer to run it! There is a lot of electronic parts (very state of art kind of) to be emulated.
The WM5 or WM6 emulators are for software test purpose, and you can browse for microsoft visual studio and download a trial. Works great, and runs a lot of applications just like phones (even sync with ActiveSync), but not so fast as the "high end" ones.
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