Wine is only for x86 CPUs and Pandora will have an ARM CPU, so it wouldn't work. But we might use QEmu + Wine... I think that using QEmu you could run an x86 Linux (with Wine) on Pandora, so if someone can make a QEmu port, it may be an option. Would it be playable? I don`t know.
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WINE (Wine Is Not an Emulator) is a work in progress Win32 API and DirectX API implementation over Linux, but I think that this implementation only works on x86 CPUs. It is said it's not an emulator because it doesn't have to emulate registers, buses, etc., it only have to implement high level (or not so high) Win32 system calls using Linux system calls. (sorry, I can't explain better in English).