I believe that RedHat does come with a pre-compiled version of wine, so you can just install the .rpm and go with it. You may have to setup a ~/.wine/config file in your users directory, but there should be instructions either on RedHat's site (or man wine) for getting it setup. Once it is setup, you can run most apps just by mounting the partition that they are on:
mount /dev/hda* /something/somewhere
example, I have /dev/hda1 (win2k partition) mounted as /mnt/winC and if I want to run an executable on that partition I can do:
and it will run.
Wine is not perfect though. Many applications do not run correctly on Wine. The problem is twofold. First, many applications require access to resources that wine can not mimic. Second, wine typically approaches the problem using the accepted methods of resource access on windows, however many application developers stray from these defact standards and this causes problems.
Using Wine is often more an art than a science. Many applications will work with wine only after some very specific tinkering has been done.
For games, check out www.transgaming.com
for winex, a wine spin off that has better support for DirectX applications.
For apps that simply won't work with wine, an emulator or Virtual machine may be a better solution. I don't know of any opensource VM solutions, but many commercial ones do exist. The company I work for uses a VM product called connectix which works very well.