It depends on what you're looking to do.
If you're looking to run Linux, Use Qemu
If you're looking to play Dos Games inside an emulated environment, and you're capable of reading instructions, Try Microsoft Virtual PC
If you're looking to setup a Microsoft Virtual Server machine at home, use Virtual PC, just disable sound support
If you're looking to run Windows, and then use some powerful application on top of windows, Microsoft Virtual PC or VMWare.
Virtual PC pluses:
If you legitimately own windows, its free.
It does emulate a weaksause Open GL card fairly well, if you want to run a Windows 95 Era DirectX game, it may work flawlessly.
It doesnt mess with your System Registry too badly.
Virtual PC Minuses:
You need to actually own windows to get it (This is only a minus because of how many people actually dont own windows.)
You cant run it on anything but Windows, so your Virtual machine is pretty useless if you switch Operating systems.
VMWare Plusses:
The Emulator is also free
It does quite a bit, and quickly
Virtual Machines for VMWare can be converted to Virtual PC using a tool.
VMWare Minuses:
You cant create virtual machines from the free version (Hence the name VmWare Player)
It fucks up your registry pretty heavily.
Its a little slower than Virtual PC in some areas, but faster in others.
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