Wow, the WINE FAQ hasn't been updated in some time(or whichever part of the website you found it on). Alpha processors and NT4 for Alpha being a significant discussion topic is almost humorous now. Long since that entry was made, people started bolting QEmu to WINE to run Windows x86 apps on non-x86 architectures. See http://bellard.org/qemu/qemu-doc.html#SEC69

It still wouldn't help much, as emulating x86 is slow by itself, then emulating ARM via the Windows Mobile SDK emulator would grind things to a crawl.

However, emulating an entire device, particularly with a dynarec core, would be fairly practical. I stumbled across an emulator for a specific iPaq some time ago, it was meant as debugging tool for ARM Linux on that platform, but was complete enough to boot the Windows Mobile ROM for it. Porting that and optimizing that would be far less intensive than making a full-blown API wrapper, though it'd be of questionable legality (HP has the rights to the ROM, I suppose it'd fall under fair-use if you owned the iPaq in question).

Still a bit too much effort for Age of Empires, Slay and a few other Windows Mobile apps, IMO, though.