Localized Windows Mobile 5.0 Smartphone Emulator Images
http://www.microsoft.com/downloads/details.aspx?FamilyID=52FED581-8F8D-4C46-9966-4832098191B7&displaylang=en

The emulator images require that you have first configured
your WM 50 developer environment. Full details on how to s
etup your developer environment are available at
http://msdn.microsoft.com/mobility/windowsmobile/howto/windowsmobile5/install/default.aspx
The Windows Mobile 5.0 SDKs for Pocket PC and Smartphone
enable development for Windows Mobile-based devices
in Visual Studio 2005.

このあたりではないんでしょうか。
って、漏れ、モバイルデバイスの開発に縁がないもんで、
外してるかもしれませんが。