QEMU seems to be able to emulate ARM on a x86. You'd still be looking at emulating the display, IR, slave USB (at least enough to get the player to think it exists), DSP and Hijack. DSP probably wouldn't be too tough since you wouldn't actually emulate it- you would just make the player think it's there and pass along the sound to the host system. Display and IR would be no real problem- that would be the fun part. The Kernel mods and stuff could get hairy hmm...