1. A method for emulating a target system on a host system having one or more processors, the method comprising: a) identifying one or more potential candidates for forward translation from one or more portions of target system code, wherein said identifying the potential candidates includes searching for the potential candidates in an area of memory corresponding to a portion of target system code for which a translation request has been issued by a main execution thread; b) assigning a priority for forward translation to each of the potential candidates; c) determining whether the potential candidates are valid candidates for forward translation; and d) translating the potential candidates determined to be valid candidates with the host system to produce one or more corresponding blocks of translated code executable by the host system.