I don't think there is mate, have you tried searching on google? you might find out, even if its possible or not, now or in the future!
I wished there was... Unfortunately, its impossible to have an xbox emulator, something about there not being enough processing power to emulate sound, video, and the likes all at once. Sorry for the bad news...
That doesn't make a lot of sense, since the Xbox is essentially the nForce 1 chipset with the integrated video and sound. It probaly wouldn't need an emulator so much as just a translator program. It's just got some variances to run a P3 733MHz CPU instead of an Athlon or Duron. It's the closest console to a PC. Still, the PC does offer better graphics, and it's biggest seller, Halo, is being ported to the PC anyway.
Id agree with you, except what your saying is different from what I have heard. I have gone to a few websites (sorry, I forget the urls) and every one of them is stating that its impossible. Same thing for the ps2, except, they've been able to emulate the cpu only. Does anyone else know about this?
It might be possible, but Microsoft is making it illegal. A console is similar to a PC, and with the XBOX being so close to the PC (it really is one), I think it's just MS keeping it from happening. That's just my theory. I would like to read the reasons why tho, if you can come up with the links.