The emulator is not for free but costs less than a coffee.
The one thing you have to do though is to convert the programs to ROM's and import them into your device.
Have not done this and did not find to much information on what would be the easiest way to go about doing it.
Found this information:
It is a pity it does not support PalmOS 5 devices as there is some good music applications for those but there should be some that could be interesting otherwise you have access to all kinds of other applications... Actually this post was started with the focus on the applications Bhajis Loops and Microbe but alas they are not supported...