Standalone Device Emulator 1.0 with Windows Mobile OS Images
News from the Device Emulator team:
The Microsoft Device Emulator 1.0 is a standalone version of the same ARM based Device Emulator that ships as part of Visual Studio 2005. The standalone emulator is intended for situations when you want to demonstrate or test your application on a computer that does not have Visual Studio 2005 installed. In addition, we are offering the Windows Mobile 5.0 MSFP operating system images that you can use with the Device Emulator.
You can download it here.