The MSExchangeTeam has posted how to install and configure Windows Mobile 5 + Microsoft Security Feature Pack and Windows Mobile 6.
On the Exchange Enterprise Client Server Infrastructure (CSI) support team we use Windows Mobile emulators on a daily basis to troubleshoot customer issues. One thing I'm asked often is how to install them. The directions have never been clearly listed online (unless you're developing for the Windows Mobile platform since they come with the development tools) so it can take a lot of searching to pull all the required bits of information to finally get it installed. I wrote the following directions to help my colleagues to quickly install and run Windows Mobile 5+MSFP and Windows Mobile 6 emulators without having to install the development tools.
Read more at source: http://msexchangeteam.com/archive/2007/09/17/447033.aspx