Suse is decent, and I prefer KDE over Gnome.
The emulator you're probably thinking about is WINE. They've emulated many windows API calls and the environment, and it works pretty well. You can use it with or without existing windows .DLL files (like if you have a dual boot environment).
You'll probably want to get NTFS support so you can dual boot and let WINE use your real windows directory. I would think that VB support is easy or basic enough to work well, but it will take a while (and a bit of googling) to find out for sure.
Another way to run windows apps on linux (I can't say emulator because Wine Is Not an Emulator) is Crossover - and there's even a DirectX port called... something.. Transgaming... but you lose a lot of speed...
I tried going Suse for my desktop for a while but in the end there were one or two apps on XP that I couldn't live with out and didn't emulate very well (Newsleecher for one).
If you get frustrated easily, just wait for "Vista" to come out