One of the original goals of qemu was exactly to allow running of windows processes using Wine on other architectures. Full system emulation means emulating the entire CPU, plus virtualized hardware, which is what bochs does. But you don\'t need that to run something like Wine, or any other user application. The user emulation emulates a subset of the x86 instruction set. (specifically, the subset that user processes need, not the part that the low-level operating system needs). That\'s all you really need to run Wine. (as opposed to loading up a full copy of Windows). The combination qemu+wine should be enough to run Windows application on the Zaurus. (in theory, at least)
