LiveAndroid, a community project hosted at Google Code open source hosting, is determined to make a LiveCD that will run Android on a typical Intel-based laptop. As of their second release, many things work, including the mouse. The LiveCD will easily boot in the free VirtualBox environment, and can boot on many machines, too. Their work is based on previous work done to port Android to the Asus eee 701.
For developers making software for handsets, this isn't terribly interesting. However, if you want to prepare your software to run on some of the first Android netbooks, this could be a great way to start limited testing, especially when it comes to larger screen sizes.
The wiki pages have lots of discussion about how to use it, what hardware works, how to configure the network, and how the various special keys are mapped. I highly recommend reading these pages before trying to use this.
Have fun running Android natively (or virtually) on your machine -- without the emulator.