Earlier today I stumbled upon this interesting video. It shows an iPad running Windows 95 in an emulated environment. The article that it was attached to was poking fun at Bill Gates and his push for Tablet computing.
The emulator has been shown on other systems like the iPod Touch and the iPhone so it is no big surprise to see it on the iPad. It is still funny to see how slow it is over all though. But on the other hand, if this really does work as advertised I suppose you could finally get Flash and Shockwave running.