Well, AFAIK there isn't an ARM binary for VMWare and it is a closed source application so you're pretty much SOL. If you wanted to learn ARM assembly and have vast chunks of time to kill, porting qemu would get you tons of kudos. It will almost certainly never be fast enough to be usable for much, though. Ah, it does appear that there is a version of bochs compiled up for Debian Armel (sid/unstable). Trying to get Bochs to compile with mud builder would probably be your best bet. On the Zaurus Cxx00 it apparently takes ~10 minutes for Windows 95 to start under Bochs. If you are interesting in pursuing this, hit up the OESF forums for some clues about how you can expect it to perform. Specifically, the following might be of interest:
http://www.oesf.org/forum/index.php?...14684&hl=bochs
http://www.oesf.org/forum/index.php?...24640&hl=bochs
http://www.oesf.org/forum/index.php?...highlite=bochs

Good luck and tell us how it goes!

-John