Can you dump the contents of your phone (os + apps + data) and run that in an emulator/Android Studio?
No, generally speaking there is no way to do this.  Your ROM is customized for your phone and is pretty tied to that specific hardware.

You could, of course, pull the apps and install them into an emulator, and then back up the data for them on the phone and restore that data on the emulator.  With root and 2.3, the simplest way to do this might be via an app like Titanium Backup.