Running ISO Without Burning to DVD

WinCDEmu is free (as in freedom, that's better than free beer) open-source application that supports all Windows versions since XP.

You can use an ISO mounting software like Virtual CloneDrive. It's freeware and very easy to use.

If by DVD emulator you mean virtual drives, like Daemon Tools, Power ISO or Alcohol %120, I don't know, I always use Daemon Tools.