StingingVelvet: Indeed. "Winbox" can't really happen unless Microsoft allow it.
While it possibly couldn't be called Winbox for trademark reasons, there's nothing stopping anyone from producing a Windows compatibility layer/emulator that is based on clean code. The ReactOS project even did a full audit of its code to ensure that it was clean. Microsoft doesn't have a say in the matter as nothing of their work is in there.
The chances are that a Windows emulator would be based on WINE code for the GUI and OS calls and on DOSBox or Bochs code for the hardware emulation. Both codebases are mature enough to do so.
None of it would be based on original Microsoft code, so unless Microsoft trademarks are violated somewhere along the line, Microsoft has no claims on it.
Bear in mind that DOSBox didn't really become viable and interest didn't really pick up in it until 2006 when Vista came out, effectively making it impossible to run native DOS software using VDMSound, and hardware became fast enough to run more recent DOS games.
Now that more and more Windows 3.1 and 95 stuff (pre-DirectX 8) is getting impossible to run, interest in "WinBox" is likely to pick up in the next couple of years.