Penguin
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Software that allows you to create a self contained Virtual Machine inside your real machine, and use it as if it was a real computer.

Useful for things like running a real version of MicrosoftWindows under Linux instead of WineIsNotanEmulator?; to install multiple distributions to test on your nice fast machine without having to stop what you're doing

VMWare is commercial, see http://www.vmware.com/. You might want to look into Bochs at http://bochs.sourceforge.net/ if you want an open-source IA-32 (x86) emulator.