Quoted from Wikipedia.com:
EMULATOR Quote:
A software emulator allows computer programs to run on a platform (computer architecture and/or operating system) other than the one for which they were originally written. Unlike a simulation, which only attempts to reproduce a program's behavior, an emulation attempts to precisely model the state of the device being emulated.
A popular use of emulators is to mimic the experience of running arcade games or console games on Linux, Mac OS X, and Microsoft Windows. Emulating these on modern desktop computers is usually less cumbersome than relying on the original machines. However, software licensing issues may require emulator authors to write original software that duplicates the functionality of the original computer's bootstrap ROM and BIOS, often through high-level emulation.
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Check the Homebrew downloads sticky, located in this section, for some of the easier to use emu's and apps.