> Is it possible to run OS/2 under the emulator?

No.
You could use another emulator such as Bochs (http://www.bochs.com) but
Bochs is not free - it's open source shareware ($30 U.S. I think) - also
Bochs is too slow to be usable for most things - then there are other 
emulators which are faster, but they are more expensive.

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