Robert,
http://fabrice.bellard.free.fr/qemu/license.html
Specifically:
The following points clarify the QEMU licenses:
* The QEMU virtual CPU core library (libqemu.a) and the QEMU PC
system emulator are released under the GNU Lesser General Public License.
The Linux user mode QEMU emulator is the only GPL'd bit. We do not
enable that.
Let me state my intentions again: we want to do everything we can to
sponsor QEMU to make it better and keep it free. We are not interested
in stealing its code and selling it. The closed-source value added
functionality that we sell is entirely home-grown, and we have taken all
the precautions necessary to avoid contamination. We would also like to
contribute significantly ourselves in the form of code. For example, a
patch that converts the QEMU library and PC emulator into a shared
library could be useful for many other projects, not just Win4Lin. While
we don't expect Fabrice to admit it officially, we will certainly offer
it to the community. Like that piece, there will be others as well.
- Leo Reiter