Omegadox, the security of the 360 has been broken enough, so emulating it (without Live) is THEORETICALLY possible. However:
The XBox360 is roughly 18x as powerful as a Wii, in terms of raw computing power. Plus, the GPU is at least 20x as fast as the Wii one, and much more powerful, it can do things that PC GPUs can't do so software rendering would be necessary. And Dolphin can't even run all Wii games at full speed even on the fastest machines.
So forget it, at least for the next decade. Maybe a 2 generations forwards Intel octacore CPU plus a Larrabee 3rd generation or so would be enough, but developing such an emulator would be many years of work.
The PS3 has even more computing power (although its GPU is weaker).
The XBox360 is roughly 18x as powerful as a Wii, in terms of raw computing power. Plus, the GPU is at least 20x as fast as the Wii one, and much more powerful, it can do things that PC GPUs can't do so software rendering would be necessary. And Dolphin can't even run all Wii games at full speed even on the fastest machines.
So forget it, at least for the next decade. Maybe a 2 generations forwards Intel octacore CPU plus a Larrabee 3rd generation or so would be enough, but developing such an emulator would be many years of work.
The PS3 has even more computing power (although its GPU is weaker).