There are virtual machines on the PC, and things like dosbox which will run on what is still an X86 system. Depending upon the type of emulation you would end up with a kind of hypervisor, which would be lovely for injecting cheats and mods remapping controls and possibly making savestates. If you have a more modern system that actually runs an operating system worth speaking of (the DS does not, the 3ds does, the 360 does, the wii does not really but it is more than the DS) then it is probably easier to attack the OS of the computer in question -- there were control remapping things for the 360 that went down that path.
As others said though emulation is a process known for its rather impressive overheads and more than a few games on more than a few systems peg the CPU and memory more or less throughout. To that end unless you managed to boost the RAM and have overclocked the thing it is probably not going to do you much good, and instead if I wanted cheats I would think about how I could inject my code aka hook the game instead -- it is how things like GBAATM and DSATM work, also how a lot of flash carts do things. Savestates from within a system without external hardware is considered an impressive trick to be able to pull off, generally you would want to halt a system and read everything out, hope any write only areas of memory can live without what you can't get (else you have to figure out a basic will almost always work setup or somehow hook the writes to it and note them down at all points) and then somehow write it somewhere you control and can keep for however long you need it for, restoring, assuming you want to do it*, is the reverse of this really.
*you might not as you might just want the memory dumps for debugging/cheating/hacking purposes.