While there is no good original Xbox emulator out right now, it seems that an Xbox 360 emulator has been in development and it is possible we will be seeing a rapid increase in development soon.
Since the Xbox One doesn't allow you play your old Xbox 360 games since it lacks backwards compatibility, You should be glad to know that a PC may soon be able to play Xbox 360 games via an Xbox 360 emulator!
According to the lead developer on the Xbox 360 Xenia project, he recently made some promising comments about emulating the seventh generation console from Microsoft on Reddit.
"Author here. Yeah, the readme is meant to scare off people. Even with it I still get people on IRC or email asking me if they can play game X or where they can get a copy. The note about no downloads is for all those who download 360 emulators from shady YouTube links and such - there's a surprising number of fakes packed with malware and viruses floating around.
"Status of the project is that it's coming along well, after a long period of inactivity. Many games get to title screens though don't draw much. I'm really hoping AMD gets its shit together and releases Mantle soon, as that will make emulating the GPU related things significantly easier."
The ability to emulate Xbox 360 games would essentially, and theoretically, mean that PC's would be tapped into being the "all-in-one" media entertainment solution a lot more than Microsoft's own Xbox One. Given that Kinect is completely compatible with PCs right now, meaning that even the motion-based Xbox games could still be played on PC's should the Xbox 360 emulator work. Similar to how the Wii sensor bar was made to work flawlessly on the PC using the emulator "Dolphin"
Full emulation using an Xbox 360 emulator is still not possible though and you'll need a pretty powerful PC for it should it become possible in the future. The whole concept of the team making enough headway to get some games to boot to the title screen while running natively on the emulator is an awesome thing. Maybe the news will get Microsoft to act a bit quicker in offering a solution to Xbox One owners for backwards compatibility.
As of now though PC users can be glad they can emulate a PS1, PS2, N64, Wii, PSP, NDS, DC and more. Thus giving PC gamers a bigger game library compared to console gamers who own only 1 or 2 systems.