The Microsoft Device Emulator 1.0 is a standalone version of the ARM based Device Emulator Manager that ships with Visual Studio 2005. It comes along with an inbuilt Windows Mobile 2003SE/5.0 OS image with Microsoft Security and Feature Pack (MSFP).
This standalone emulator can be installed on your desktop computer to test Windows mobile applications as well as services like desktop and Exchange server Activesync.

1) Applications meant for the actualARM based mobile devices can be installed
2) Supports synchronizing with ActiveSync partnership
3) Write, play and debug GAPI games