I saw a thread posted, where one person has successfully done this. I tried to download the sdk but I was unsuccessful. I do not know the reason. Also I read a page in the microsoft web site which says something about a standalone device emulator :
"Microsoft Device Emulator 1.0 is a stand-alone version of the same ARM-based device emulator that ships as part of Visual Studio 2005. It is useful for running/demonstrating applications on PCs that do not have Visual Studio 2005 installed. Emulator image packs are available for the following versions of Windows Mobile: Windows Mobile 2003, Windows Mobile 5.0, and Windows Mobile 5.0 with Messaging and Security Feature Pack. "
Do you know if this would help me?