Yes there is one called GP2Xengine. I haven't tried much games, but if I remember right, the gamespeed was 100% or near that. The emu does contain some bugs, but most games can be played.
I don't know if there is sound, but now I'm talking about it I'll check it out for you
It has CD support but no sound tracks. The sound is not even right for HU card games either as many sounds are wrong or missing, and none are in stereo. It seems the emu was abandoned long ago.
I hope someday there will be a fairly complete PC-Engine emu. It doesn't look good as it doesn't seem like anyone is interested in doing one.