1. A program storage device readable by a machine, tangibly embodying a program of instructions executable by the machine to perform method steps for executing instructions in an emulated environment, comprising the steps of: copying encrypted guest operating system instructions from an untrusted guest operating system memory into a trusted host operating system memory; decrypting the encrypted guest operating system instructions in the trusted host operating system memory; maintaining the decrypted guest operating system instructions out-of-band of the untrusted guest operating system and inaccessible by the untrusted guest operating system; translating the decrypted guest operating system instructions to a set of host operating system instructions; executing the decrypted guest operating system instructions in the trusted host operating system; and modifying the untrusted guest operating system memory and registers when the set of translated host operating instructions executes in the trusted host operating system such that it appears as if the original guest operating instructions had been executed in the untrusted guest operating system.