PocketGnuboy is a freeware Gameboy Color emulator by Greensoftware for Windows Mobile Pocket PC devices with sound support that allows you to play Gameboy Color ROMs on your mobile device.
According to a forum user, you need to turn on every component in the preferences except turn off “Draw with GAPI”. Then set the Audio Buffer to “16″, Audio to enable, 22 khz (you can have it at 44), stereo, and 16 bits. Frameskip should be at Auto

Download Link- http://hp.vector.co.jp/authors/VA032810/files/pgnuboy121e.zip