So this was cool enough that I had to drop what I was doing (cleaning out my desk) to write it up.
Somehow, Apple has approved a DOS emulator for the iPhone and iPad and it's on the App Store for 99 cents. Better yet, someone managed to load Windows 3.0 on the thing.
The app, iDOS, is universal, working well on iPads and iPhones alike. It features such niceties as a retro grimy keyboard, floppy drive, and attached sticky notes, along with a coffee-stained notepad.
But if you want it, you probably better buy it quick. I suspect it's going to be a race between Apple's store monitoring team and Microsoft's lawyers over who can cry foul first.
In the meantime, here's a screenshot of it running on an iPad as well as a link to Touch Arcade, which has pictures of the thing running Windows 3.0.
If you get anything interesting running, please drop me a note and some pictures and I'll update this post.
Update at 2:45 p.m. PDT: As we expected would quickly be the case, iDOS is no longer available via the App store. Hope you got it while you had the chance.