Linked by Hadrien Grasland on Tue 1st Mar 2011 17:02 UTC, submitted by BloopFloop
Windows The new Windows Embedded website just announced the official release of Windows Embedded Compact 7, featuring SMP support for multicore CPUs, Flash 10.1, updated Silverlight for Windows Embedded technology based on Silverlight 3, and more. Update: And here's a demo, for those interested.
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Runs win32 apps
by kop316 on Tue 1st Mar 2011 17:33 UTC
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It says it runs "Customized Win 32 Applications". It also says it runs on the ARM.

Would you have to recompile the code or doesit do some sort of emulation?

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