Just heard that Sandro and team have released the Giano simuator - find it off of http://research.microsoft.com/research/downloads/ - Microsoft Giano.

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Giano is a dual-headed hardware simulator, it includes both CPU and HDL simulators.  The CPU simulations provided are ARM, MIPS and PowerPC, the HDL simulator is Verilog.  Giano faithfully simulates a complete Atmel EB63 evaluation board with an attached FPGA.  Additionally, Giano simulates a display and a sound device that do not actually exist on the EB63 board.  Giano is portable and extensible, it is easy to add CPUs and I/O modules to it.  The HDL simulators currently supported are ModelSim and Icarus Verilog.