Steve from Furrygoat posted instruction how to load Windows Mobile 5 on a regular USB stick using the ARM-based Windows Device Emulator (http://msdn.microsoft.com/mobility/windowsmobile/downloads/emulatorpreview/default.aspx). Dubbed Portable CE 2.0, you'll be able to run native Pocket PC apps from a virtual Windows CE environment on any Windows machine.

Pocket CE 2.0 with WM 2003SE (http://www.furrygoat.com/2005/09/portable_ce_20.html)
Pocket CE 2.0 with WM 5.0 (http://www.furrygoat.com/2005/09/portable_ce_20_.html)

[via Pocket PC Hints and Tips (http://www.pocketpchow2.com/archive/2005_09_11_index.html#112698010757951308)]

Pretty neat. Especially if it had storage capability between sessions. Almost like a virtual PPC on a stick, that uses the computer for I/O.

Pretty neat. Especially if it had storage capability between sessions. Almost like a virtual PPC on a stick, that uses the computer for I/O.

I concur. This is veryyyyy interesting.