This is stupid. The Intel Macs don't emulate PCs. They are PCs, but just come with a different OS.
Intel Macs running OS X can also run Windows in emulation. You can either run Windows on the raw Intel hardware, just like any other PC (and any version of Vista license can do that), or you can run Windows inside an emulator, running on top of Mac OS X (which requires a Vista Ultimate license.)
See further Running Windows on Intel-based Macs, especially the section about Boot Camp, and the section Running Windows in a Virtual Machine.