It might be possible to run ARM WinCE apps if someone ports the Shared Source Device Emulator 1.0 Microsoft has made. Though, I doubt it would be easy as that thing probably makes heavy use of x86 ASM.
You could likely use QEMU to run an x86 build of WinCE in emulation.
Another possible option would be to use the MESS emulator package. There is at least one driver that can boot Windows CE on an emulated ARM board.
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