Once again an very interesting piece of software made it to the Shared Source family.

“The Device Emulator is a software simulation of a CPU and motherboard, that runs the Windows CE and Windows Mobile operating systems. The emulator is a single Windows .EXE file that contains:

• A CPU emulator that executes the ARM instruction set by JIT-compiling to x86
  
• An MMU emulator to support virtual memory and page protection
  
• A motherboard emulator that contains emulated RAM and NOR flash memory
  
• A collection of peripheral devices attached to the motherboard: serial ports, LCD controller, touchscreen, keyboard, interrupt controller, programmable timers, real-time-clock, network cards, audio, etc.
  
• A “DMA” interface which allows a Win32 application running outside the emulator to communicate with a WinCE application running inside the emulator, using a simple socket-like programming model. “

Source 1: Device Emulator Sourcecode Download
Source 2: License