MobaLiveCD is a freeware emulator called "Qemu" with performance good enough and able to run Linux LiveCD on your Windows.
With MobaLiveCD, you do not need to burn a CD-Rom or reboot your PC if you want to test, with only one click, you can test the Linux LiveCD.
Info : http://mobalivecd.mobatek.net
OS : Win 98/ME/2000/XP/Vista
Download : MobaLiveCD 2.0