There is a actual xbox emulator in the works :P
Or at least I think it is. It seems a-okay, Im very sure it does not run any games yet but at least a emulator has been started. Considering the xbox is practically a "pc in very large box" :P It wouldnt be that hard to emulate, compared to say...a ps2 or a gamecube (if a gamecube emulator is possable) eh- comments?
www.caustik.com/cxbx/news.htm
-vidiot-
EDIT: Is it a emulator or a xbox development kit? I dont get it :P