Ootake 2.22 is a PC Engine emulator for Windows. Ootake is the most frequently updated PC Engine emulator available for windows, and Ootake is also one of the more complete. Also, Ootake is FREE unlike Magic Engine. Ootake 2.22 has the following changes:

2009/11/21 2.22 released
+ Last time, I talked about “Setting for the display delay not to be done
with Windows7 and Vista”. It has the supplementation. With also WindowsXP,
it recommends the same setting. Because an extra delay can be evaded.
This setting values an actual operation feeling more than the bench mark
to enjoy playing a game sincerely.
http://www.ouma.jp/ootake/delay-win7vista.html
– When “Screen->Full Stretched” menu is selected, the effect of scanline
becomes effective. * When “Screen->TV Mode” menu (It is possible to switch
also with [Ctrl]+[F11]key) has been selected, the effect of the scanline
becomes invalid as well as the situation to date (To maintain the image
quality).
– The timer interrupt processing has been improved. At the start of “TV
Sports Basketball”, the problem of freezing it (generated from v2.20) was
solved.
– Additionally, a detailed part has been improved and corrected.
Download at our PC Engine emulation page.