Standalone Device Emulator 1.0 with Windows Mobile OS Images
Microsoft offers a standalone version of the Device Emulator that shipped with Visual Studio 2005. You can install this and use to run and showcase device applications. The Microsoft Device Emulator 1.0 is a standalone version of the same ARM based Device Emulator that ships as part of Visual Studio 2005. The standalone emulator is intended for situations when you want to demonstrate or test your application on a computer that does not have Visual Studio 2005 installed.
The emulator download contains the Standalone Device Emulator as well as the Windows Mobile 5.0 with Messaging and Security Feature Pack (MSFP). The installation for Windows Mobile 5.0 MSFP depends on the Virtual Machine Network Driver (VMNet) being present on your machine, before it installs.
The emulator is supported on Windows XP SP2 and Windows Server 2003 SP1.
Additional information and instructions are available from Microsoft.