EmuNations

UniPCemu (Universal PC emulator) is a cycle-accurate x86 emulator (previously called x86EMU). 

It's a 8086(IBM PC) up to Pentium II (Compaq Deskpro 386, Compaq Deskpro 386 with PS/2 mouse (adds PS/2 mouse to the Compaq Deskpro 386 chipset, optional BIOS ROM replacement (loading it instead, or alternatively a i430fx Pentium or i440fx Pentium Pro/Pentium II chipset with PS/2 mouse) and seperate CMOS settings like the other architectures) emulator(with various, configurable hardware), with up to 80386 timings (80486SX and Pentium using 80386 timings or 1 cycle for newer/unknown timings/instructions, both having no floating point unit)).

It can run many IBM PC XT games, and also various 286(*) up to Pentium II games. Support for ATAPI CD-ROM (using VIDE-CDD.SYS, OAKCDROM.SYS or compatible ATAPI drivers) also works. Many graphics cards and sound cards can be used (MIDI using a Soundfont renderer inside UniPCemu (recordable by UniPCemu's sound recording functionality) or passthrough(passthrough on Windows only, which is not recordable by the emulator's own recording functionality)), from PC speaker up to Sound Blaster 2.0 and from IBM Monochrome Display Adapter up to ET4000/W32 SVGA(up to 16M colors (in True Color mode) using it's SC15025 DAC).

EMS is available using the Lo-tech 2MB EMS board on the XT and various EMM emulation software(e.g. JEMM386, EMM386) on IBM AT and up.

Very impotant to follow the Getting Started link and installations intructions manual.