I compiled the Fuse emulator on the Pi itself once I had the SDL development libraries installed via apt. I also enabled swap, as at one point it looked like gcc’s memory usage was going to hit the 128Mb CPU RAM limit.
Once built, I enabled the ALSA sound module and fired it up – worked wonderfully! (NB I have been tinkering with the ALSA driver (linux/sound/arm/bcm*) to get it working for me – this may work with the default ALSA driver too, but YMMV.)
(Video is poor quality, as the projector was using the composite out on the Pi, and it was being shone onto a reflective whiteboard :) I don’t own a TV so this is the only way I have of seeing the Pi in action!)