QEMU

QEMU is a cross platform open source emulator that supports emulating Windows XP era hardware.

With KVM, it is also possible to pass through a PCIe device if the host supports IOMMU (For Intel that comes with the VT-d extension). Most people use this to pass through a graphics card for near bare metal performance. See GPU for a list of supported cards.

Passing through a GPU on a system where only one GPU is present is possible but requires a little tinkering, with most opting to use a special version of Gentoo Linux to make this easier. Please visit sites dedicated to VFIO for more information.