I have heard of a Mac emulator recently but it is not a very good one. It was called CherryOS and is basically a rip off of an OpenSource program called PearPC. It needs XP to run on. The "writer" claims that you can run Mail and Safari with it. WOW! As far as running the iLife suite through it, save your money and get a new computer, 'cos that dog won't hunt.
There is also the problem with the Apple Licence that you agree to abide by when you install OS X. This states that OS X can only be installed on an a Mac.
The emulator cost $50 and OS X $129 which puts you almost halfway to a mini. Keep saving

Hope this helps

P