The result is a working installation of Windows XP, including sound. The graphics is more than 1024x768@24bits. No 3D acceleration. The performance is good enough for desktop use and simple games, may not be good enough for gamers. PCmark05 says Pentium speed is 1300MHz (real ones were never more than 300MHz). 3D Pinball Space Cadet works fairly well.
Host used:
qemu-img create -f qcow2 winXP.img 3G qemu-img create -f raw data.img 1GCommand to run qemu:
/opt/homebrew/bin/qemu-system-i386 -nodefaults -drive file=./winXP.img,format=qcow2,if=ide,index=0 -drive file=./data.img,format=raw,if=ide,index=1 -cdrom ../Downloads/WinXPproSP2.iso -boot menu=on -cpu coreduo -m 1G -vga std -net nic,model=pcnet -rtc base=localtime -accel tcg -machine hpet=off -serial none -parallel none -audiodev coreaudio,id=coreaudio,out.frequency=48000 -audio coreaudio -device ac97