Installing QEMU For Windows

                QEMU is an emulator for various CPUs. It works on Linux, Windows, FreeBSD and Mac OS X. The Windows version is in an alpha stage. 

1. Download the latest "Qemu-#.#.#-windows.zip" from the very helpful page http://lassauge.free.fr/qemu/ (we installed "Qemu-1.5.2-windows.zip")
Unzip it into C:/qemu/Qemu-windows-#.#.#/ (change #.#.# to match your version number)

2. Download http://xecdesign.com/downloads/linux-qemu/kernel-qemu and place it in the same directory.

3. Download the latest Raspbian image file from http://www.raspberrypi.org/downloads. Unzip it if necessary and store the .img file in the same directory (we used "2013-07-26-wheezy-raspbian.img").

4. Use notepad to create a new text file and paste the following into it:
qemu-system-armw.exe -kernel kernel-qemu -cpu arm1176 -m 256 -M versatilepb -no-reboot -serial stdio -hda 2013-07-26-wheezy-raspbian.img -append "root=/dev/sda2 panic=1"

(Change "2013-07-26-wheezy-raspbian.img" to match the filename of your image)

Save it as "raspberry.bat" in the same directory.

To run it all just double click the raspberry.bat file.

Credit : www.raspberry-projects.com