Wouldn't work. emulation of modern systems is an incredibly complex task and not limited to emulating the host machines processor. You need to emulate every single chip and function on the machine, GPU's won't be able to emulate the cell processor as while they share certain architectural characteristics the two are entirely different in terms of function and the way the architecture is designed.
Pure processing grunt is what is needed for successful emulation and to even look at the PS3 you are talking about machines with cores in double figures, then you have to consider the viability of obtaining software that can run anywhere up to 50Gb, so until PC's have multi, multi, multi cored processors, and blu ray drives as standard then its not going to happen......at all.


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