Developers from iSoft , ported Windows 95 on the iPhone with the help of Bochs emulator and original win 95 image.It must be said that the boot stage lasts from 5 to 10 minutes on a 3G iPhone, which stated that they only release the emulator for iPhone 3GS.
If its a fake or not, i have no idea. Best thing i can do is to wait for one of the dudes at iSoft to get online and ask him about this. If he will tell me something relevant about Windows running on iPhone, and how they did it, i will update this post.
Here is a video of Windows 95 running on the iPhone: