Charon VAX and Charon Alpha have been around for years. Those DECies that are hard core will know that TOPS-10 lives on on emulated DECsystem10 software. A emulated VAX on a modern low end desktop PC runs faster than fastest physical VAX. Want your VAX/VMS application to have the advantages of SAN attached SSD storage? Easy. Allowed to use Gigabit? Done. VMS doesn't think it has any of that, but the host has it and the emulator presents it as older gear to the OS. For those that don't want to be 32bit limited Charon Alpha works too.
For those that think this is not the way to run a serious IT shop, consider that I wouldn't recommend running your business or shop floor app on a low end desktop. I'd buy a 1st tier data center class box, running Windows Server. I'd buy full hardware and software support for the host. Frequently those costs are recouped quickly from the fact that hardware support for 15 year gear is no longer needed. The users don't need to be retrained. Business isn't disrupted with data migrations to new databases and software that doesn't have the same features.
With VAX and Alpha emulation, you don't even source code because a VAX is a VAX and an Alpha is an Alpha. Unfortunately not needing the source code is an advantage more often than you'd think.