As the others have said, your ONLY option is QEMU... You can run it inside of Windows, or Linux, heck, you can even run it on any architecture that can compile QEMU and has support.
In windows you'll have to have the QEMU Arm executable, then create an image (Even if you have the OS), then you will need to mount both at the same time, as the OS image, will then be installed onto the created "Disk" image. The main thing you might run into (Im not 100% on this), but having done the above on other ARM and PPC devices, you *Might* need to either compile the kernel or download it, or else find some kind of Bootloader that will load the OS img payload. Like I said, I've never done it with QEMU for the Pandora's OS, but i'd imagine it's pretty similar.
Lastly, Assuming you manage to get the ball rolling, another problem you'll have is there is no real way to emulate the Pandora physically, as I don't believe there is any way to setup the appropriate Virtual Hardware. SO, most likely, all if not, most of the software simply wont run if it requires certain library's those parts need. For example, games would need to call the OpenGL library used by the SGX VGA. Which, Would not be present, which would stop you in your tracks.
Is it possible? Absolutley, but would it really work well? I think it depends on the software.
If you managed to get all of the above sorted out, you're going to have absolutely TERRIBLE performance. The overhead emulating all of that hardware would be many times more than the hardware itself (Im taking P*10^x here) where "P" is the original MIPS equivalent. In reality, you probably would never be capable of 100% even 70% on a Xeon E5 type workstation.
Long story short, just buy a Pandora. Even the First Batch would be theoretically more efficient, assuming your time has any worth lol.
