What is qemu?

http://en.wikipedia.org/wiki/QEMU

Today I can't use my embedded board, because I don't have serial console line on hand today. So I try to find a simulator tool to run my ARM based software without HW.
Here is the qemu download url -

http://www.jk2410.org/release/host/qemu/qemu-jk2410-20080809.tar.bz2

Installation step is very easy, I did the follows
$tar jxvf qemu-jk2410-20080809.tar.bz2
$sudo apt-get install gcc-3.4
$sudo apt-get install libsdl-dev
$cd qemu-jk2410-20080809
$./configure --cc=/usr/bin/gcc-3.4 --target-list=arm-softmmu
$make
$sudo make install