We hear a lot about console emulation in general and how they're able to run commercial games. But a a lot of them run at a very very slow frame rate.
Emulation on the PSP is actually VERY good. SNES, Genesis, Playstation, and even games like Marvel Vs. Capcom are able to run at perfect frame rates. The only problems are the games that use those special graphics for the SNES(Super Mario RPG, Kirby Superstar, etc.)
There is even a Nintendo DS emulator....but it's complete shit and only runs like 10% of the games.
I'm positive an emulation of RPG Maker is possible....but I don't think Windows 95 is the solution. Some insane coder might come around to it someday, though