The closest thing i've seen is "aDOSbox" which runs MS-DOS programs (and i've run Windows 3.11 on it) - the experience, for the most part, is painful (at best).
Even if someone were to port something like VMWare or VirtualBox over to Android, it would likely be too slow to be of much use, at least running a modern OS. And since ARM chipsets would require binary translation, the overhead would be much too high. In the end, lack of system RAM and processing power would likely be a showstopper.
I know that in my experience, an XP VM on an Intel Atom netbook borders on unuseable. I can't imagine it being any better on a modern mobile chipset.