It is not possible to run Notator on a PC with an emulator, because there is no way to connect the hardware protection key that comes with Notator (the "dongle") to your PC.
The Notator SL user group has been trying to get Emagic to release Notator as a freeware (or a de-dongeled version) with no success.
Check out the mail archive at:
http://www.notator.org/index.html