It would be a lot more like wine, then like a conventional emulator. Conventional emulators emulate hardware, while this thing would have to emulate the software layer, and not the hardware. The software layer is going to be a major pain to emulate, but thats pretty much all Cedega, Wine, and anything else does. Yes, its simplified, and no, i wont be able to do it. I'd be somewhat amazed if someone gets a working environment of win95 going, that supports even 2D Diablo. I'd be happy as few, but still amazed.
So let's see, instead of simply going with good old hardware emulation, you'd wanna go with the hassle of a Wine-like solution, PLUS a CPU emulation, all of this to get hardly any performance bonus from a full PC emulation (the biggest performance hit on emulations is CPU emulation, right?) with a fairly limited compatibility, as a full PC emulation would get it all working just as on the real thing?
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DOS emulators, just as it sounds like, lets you run DOS software. Mainly games, but anything you like really.
So that won't work with programs/games that can work with Windows 98 and that won't work with DOS, which is most of whatever's been made ever since the mid/late 90's?
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Emulating a PC, with all the hardware, just isn't going to happen. There is no need for it either. You just emulate the software layer between the hardware, and the user run software. Comparing it to a Amiga emu, it would be like emulating the workbench environment instead of the actual Amiga. (Which just so happens, is exactly what DOSbox and others do, but for DOS.)
You mean that Bochs and Virtual PC (the non-x86 versions) (can we say QEMU) don't exist? Oh yeah, why bother with emulating when it's all "as simple" as creating a software compatibility layer like Wine does (sarcasm)
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What is the end result your wanting, really? Do you want to emulate a PC, where you can install any OS, have it boot, and install any software, or do you want to emulate a software environment where you can install said software, and ignore the hardware step? The later is easier, but for obvious reasons not as flexible. And, with easier, i mean "might just be possible, with years of working on it." The closest thing i can think of right now is Cedega, and / or Wine, and they have years of work, from loads of people under the hood, and still doesn't really work properly.
B!