Emotions, simulating and emulating

From a marginal note I made in class last term: talking about computers simulating emotions makes me think of virtual machines.

Is my iMac running VMWare Fusion creating a Windows box, or simulating one, or is it even attaining Windows?  An emulator like VICE doesn’t somehow turn my Mac into a C64. Look at the difficulty of emulation: it takes a P2-400+ to emulate a C64, a 1MHz CPU with 64kb of RAM.

So what would it take to emulate a human brain?  Would that emulation be sufficient to simulate emotions?  (Ignore the obvious physiological issues; assume that those also are emulated, or are unimportant.)