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QEMU lets you emulate ARM architecture on x86 for example, which is not possible with VirtualBox.

I've played with a Raspbian image running on QEMU hosted on Windows 7 a few months ago.

I think this is closest to the correct answer, so I will try to expand on it. Qemu, is a processor emulator[1] and can emulate processors like x86, x86_64, ppc, mips, arm etc. Qemu is usually run with kvm[2].

[1]: http://wiki.qemu.org/download/qemu-doc.html#Introduction

[2]: http://www.linux-kvm.org/page/Main_Page

How fast does it run as compared to on Raspberry Pi itself?

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