Recommended emulator source to read for educational purpose

[Nessie]

That sounds like mine: http://nessie.emubase.de
It uses special asm syntax, people around here seem to be more familiar with C++

Little bit off-topic here: I tried your emu and it eats 100% CPU when running (50% on dual core of course). You probably want to look in to that.

Yeah, I know. It calls Sleep(0) in a loop while waiting for the sound buffer to become available. That should probably be Sleep(10) instead.