FYI:
http://plex86.sourceforge.net/"Plex86 was founded to provide an open-source alternative to the commercial, closed source VMware in fact, the original name of the project was "FreeMWare."
However, if you read its project page, it sounds very tightly tied to the linux kernel, making porting of it a real bitch, and unlikely worthwhile.
http://dosemu.sourceforge.net/"DOSEMU stands for DOS Emulation, and is a linux application that enables the Linux OS to run many DOS programs"
Likely the same goes for this. Its doubtful that 1) we need either of these, 2) someone would be willing to invest the time into this. I just wanted to post the links to show the two open source VM apps that exist. Oh, you also can read this url for more info:
http://www.developer.com/tech/article.php/630031--falz