I tried this recently, and it's just an emulator like VirtualBox. You can make persistent changes, but you can't install the OS from it - unless someone knows a trick I haven't seen yet!
MobaLiveCD is a freeware that will run your Linux LiveCD on Windows thanks to the excellent emulator called "Qemu".
MobaLiveCD allows you to test your LiveCD with a single click
Yayyy! Now I have safe surfing when I'm in Windows! And I have the bonus being able to test LiveCDs in Windows if I choose to do so - VBox actually does that much better than MobaLiveCD, IMO.
So, can you now run minime in qemu on windows running in Vbox running in PCLOS?
Nah, Qemu and MobaLiveCD may have a smaller footprint in Windows than VBox, but my point is that both can do the same job - but VBox does it better! Furthermore, it does more than just run a LiveCD.
Now if you want to run virtual Linux LiveCDs in a Windows emulator inside Linux, Moba seems to be just the thing, judging by the above posts. I still prefer VBox there, too... although I guess I might consider it if I was running a PC without the necessary hardware resources. Fortunately, I'm not afflicted with that problem at the moment.

It is confusing, though, isn't it? I tried to explain emuation to my wife one time, and it would have been more useful to shout at the wind.
