Assuming the desktop that runs the emulator has a network connection ...
This is using PPC 2003 emulator / PPC 2002 is similar.
Start / Settings / Connections
Click Connections icon.
Advanced / Select Networks
Change dropdown for Internet connection to "My Work Network"
Edit / Proxy Settings
Check the checkbox "This network connects to the Internet"
OK all the way out.
Try IE - should now have a network connection from the emulator.