non,l'émulateur existe bel et bien.

>> PCSXBox is a port of PCSX , a Playstation1 emulator.

From Xport on forums.xbox-scene.com:
What's New :
- Used new PCSX 1.5 source code
- CDDA playback
- Multi-disc support (go to options menu, then press Y to load new disc)
- Added more CPU options :
+ Disable XA sound processing
+ Always enable SIO IRQ
+ Black and White movies (speed up movies)
+ Disable CDDA
+ Use CPU interpreter (slower, but possibly more compatible)
+ Always enable SPU IRQ
+ InuYasha Sengoku Battle fix (might fix other games as well)

Here's What's New from the v1.5 PCSX sources :
* Added translation support, thanks to Zydio.
* Fixed several compatibility issues.
* Improved NetPlay code, added NETsetInfo, thanks to JNS.
* Fixed SW Ints, thanks to Xeven.
* Fixed Mdecs timing issues, thanks to Xeven.
* Fixed a bug related to Memcards in Xenogears.
* Decode_XA.c now uses fixed point,
* added NEGCON type to plugins.c/PsxBios.c
* added a mingw32 port (yokota).
* Added preliminary MacOSX code (Stefhane Conversy).
* Fixed bug in CreateMcd (kitaro).
* Added a 'NO PIC' image.
* Pcsx now compiles without a recompiler.
* Same small speedups.
* Fixed RTPS/RTPT SXYP fifo issue, thanks to Xeven.
* VSync now has a Start and a End , thanks to Pete.

Par contre je n'ai pas encore pu tester, pas fini d'installer ma puce...
Pour les downloads, il faut fouiner un peu car l'émul a été developpé avec le kit de dev microsoft... (c'est surement pour ca qu'il n'est pas dispo sur pcsx.net)