Well who knows, the xbox although it uses a lot of components that a pc uses is not bound by the same requirements to run say..win xp and your usual anti virus plus all the services associate with win xp. It is possible, but you would have to put a lot of work to make it work, at least the sse part is covered on the xbox.
I agree mate totally with that statement, it is possible, but the RAM in the xbox isn't sufficiant for the emulator, and even if pagefiling is used, the speed would be pretty slow (average about 10-15fps), and wouldn't be worth porting without quite a lot of optimisations. The dreamX 1400 MHz xbox mod CPU might be able to play 1 or 2 games near full speed, but optimisations will still need to be made, it would be quite hard work for anybody porting it. Plus the source code hasn't been released
I dont want to make this into an argument but I bring my point again, the reason most ppl require a 2.0 ghz computer is because of win xp, the emulator does not use 2.0ghz(3.2 on my case) or 512 of ram for itself it uses some of it for emulation, win xp uses the rest like I said for different services, check your taskbar. I think in my opinion it is possible to emulate the dreamcast on the xbox at full speed but not anytime soon, and not without more knowledge on how the xbox custom board works and how to use it to emulate the dreamcast. Remember the xbox does not need to use win xp like the pc does, it would just need to emulated the dc bios, and the dc hardware not an easy task but a possible one, in a galaxy far away, where the emu devs live, lol