1. A method for emulating the functionality of an emulated computer on a host computer, said method comprising: dividing object-code instructions of said emulated computer into a plurality of segments, each segment comprising either an unmodified object-code instruction of said emulated computer or an equivalent high level translated instruction which has been generated by pre-parsing the corresponding object-code instruction of said emulated computer prior to run-time; executing each segment comprised of an unmodified object-code instruction of said emulated computer on said host computer by sequentially parsing each such instruction and invoking a corresponding preprogrammed emulation function provided on said host computer; executing each segment comprised of a high level translated instruction by: compiling the high level translated instruction into corresponding object-code instructions suitable for execution on said host computer; and directly executing said corresponding object-code instructions produced by said compiling on said host computer.