WORM (No set-up package)
It's already set up! Just place the vmac.rom ROM image in it's folder. It unzips to C:\Program Files\Worm. It is very simple and has no sound, but will give you a taste of emulation. After this, you might want to get vMac. This works well when used with vMac because WORM has better keyboard emulation and a faster speed (so you can run HyperCard without your emulator freezing on you).
The essential, classic 'soft' emulator. It runs in black and white, but there is a version for vertually every platform. The Windows version can run two hardfiles and one mac disk at a time. It can run CDs, too as well as print and, I hear, go onto the internet.
Basilisk II (Windows port)
One of, if not, THE best emulator available. AND IT'S FREE! It can run multiple disk images (how many I don't know, but more than vMac for Windows), it runs in FULL SCREEN and in COLOR. It needs a newer ROM image, as in a 68k Mac, but not a compact Mac. Quadra and LCII ROMs work best. One problem, however. On many older machienes (eg. mine) will not detect disks themselves in Basilisk II. However, newer machienes (eg. the ones at work) will.