As of now team twiizers has released a stable one called XPC360
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No emulator has been released for Xbox 360
A Microsoft XBOX 360 does not run an emulator. You can only play XBOX based games. Any XBOX 360 that has an emulator to play non XBOX games is a modded XBOX 360.
In short: no. The Xbox 360 has to install an original Xbox emulator program to run the Xbox games. It stores this emulation software on the hard drive.
There is no emulator for the Xbox.
There are currently no PC emulators for xbox games but there is one for the xbox its called a xk3y works a little like a jtag.