Cygwin provides a Linux environment for Windows, complete with X (windows/graphics) support, which is as close as you'll get to a Linux "emulator". But you'd have to compile the program from source, and most people aren't up to that.
I've used Jahshaka, and it sounded good, but I didn't like it. Perhaps it's matured since I used it, but it didn't have a good interface and it was very hard to use.
A while back when I was looking for a nonlinear video editor, I ran across
Kdenlive. I never tested it myself (I went with a commercial product that came free with my DVD burner instead), but it looks very promising. They even have a
LiveDVD image and a
Virtualbox image you can download.
I'm not really up to date on how well Virtualization software performs (I've heard claims of near real-time performance with the right hardware), but it seems to me that if you're going to be rendering video, it'd be more efficient to do it on the host OS (i.e., if you're using a Linux tool, boot into Linux). But it might end up being the choice between saving a few minutes of render time or saving the trouble of installing and booting Linux, so it's up to you.