Basilisk is the best freeware around . I could run all my software with it,
except for utilities which realy temper with hardware, like Partition or
disk editors. It supports up to a motorola 68040 processor (LC475) and
system 7.6
The only catch, as with (almost) all emulator thingies, is the absence of
the ROM module.
You will need to make a legal copy of a Rom module on disk (or download one,
if of course, you already have a Mac)
There is a tool to download the mac tom to a 3,5" disk, but I don't remember
the name, and I seem to have mislocated the url.
MightyKitten