Anybody remembers FX!32?
Microsoft was there once before with Windows NT, mostly through no fault or ingenuity of their own.
DEC was desperate enough to sell their Alpha-based workstations to develop FX!32. This was a binary translator rather than a pure emulator, and it did achieve some very impressive speeds - I distinctly remember my Alpha outperforming native x86 workstations running x86 code.
Nonetheless, that wasn't enough to save Alpha in the long run :(