First Post! W00t!
Oh wait, different site...
Okay, on to your question.
If the emulator has access to the USB port, then it should work. Chances are that it would expect you to run things as root to accomplish this (and if you are going to run Windows in an emu, connected to the net, and then run IE, then you are going to get what you richly deserve
The key is the level of USB support that your emu has (or not an emulator in the case of wine). Besides wine, there is Vmware and Win4Lin (Bachs?). Of these two, my favorite is Win4Lin, but I haven't used a Windows emu in years.
Get yourself a decent modem kid, and run things the way that God intended. Serially!