It might not be an emulator, but it also might not be right for you if you want to run Windows applications quickly and easily. Using Wine is fraught with tweaking adventure. If you like to tinker and want a way to give back to the Linux community, this is a worthy project.
CrossOver Office
Great
Great
CrossOver is the most practical choice for Linux users who need to run Windows applications. Everything runs smoothly, and the company works hard to keep adding to and updating the list of supported applications.
Win4Lin
Good
Fair
If you don't want to have to tweak Wine and don't want to be constrained by which programs CrossOver supports, you might like Win4Lin. It's a little convoluted to get set up and working, but it's reliable when you have it all set. You will be limited to running only older copies of Windows, and you need to have your own licensed copy of Windows.
VMWare
Fair
Fair
VMWare should not be the desktop user's first choice. With its prohibitive price and licensing, together with the complexity of the program, this is a choice for people who are not just casual users, but who make money off their computers and need full virtual machine software.