It will be a major effort to compile with VC++. (You would have to rewrite a significant portion of the emulator.)
You are better off just getting the GCC and using that.
Go to
http://www.mingw.org/
Click on "Getting Started" (left side menu) and get the automated installer. Run it and get everything you can. Install it in the default location (C:\MinGW).
Next, click on "MSYS" (left side menu) and follow all the instructions there. (You might get away without installing updated versions of autoconf, etc.)
Finally, you'll need to get and install NASM.
http://nasm.sourceforge.net/
Get the Win32 binary (2.03.01 --highlighted in green) and unzip it. Copy all the files in the new directory (nasm-2.03.01) to C:\MinGW\bin. Don't forget to copy the nasm-2.03.01\rdoff directory to C:\MinGW\bin\rdoff.
Finally, start the MSYS (accessible from the Start->Programs->MSYS menu). You are now in a linux shell.
cd to the directory containing the pearpc emulator. For example, if you unzipped the emulator to D:\emulator\pearpc-0.4, type
cd /d/emulator/pearpc-0.4
Finally, to compile type:
If you want to install it under the MSYS emulator, also type
make install
.
Phew. Sorry, but this really is the easiest way to get your Mac emulator compiled.
Good luck!