Yes, but the performance is only acceptable on x86 CPUs. In theory, you could run Windows on the plug in qemu which emulates a whole zoo of CPUs but the performance will be something like an 80MHz Pentium CPU.
On x86 Linux installations, you have the choice between Wine (which emulates Windows by loading Windows executables and mapping the Windows APIs to the corresponding Linux APIs) or various virtual machines like qemu, KVM, VirtualBox, VMware and Xen. However, virtual machines require a Windows license because you install a native Windows operation system into those machines. Wine doesn't need a Windows license because it is effectively a rewrite of all Windows APIs (kernel, graphical environment, DirectX, ...)