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PICsim
PIC microcontroller simulator
5 Alternatives To PICsim
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Emulino
an emulator for the Arduino platform by Greg Hewgill
Oregano
oregano - An electrical engineering tool for GNOME
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Proteus
Proteus - Proteus is a great electrical suite for circuit simulation purposes. You can simulate a single processor or multiple ones at the same time. The application is a great alternative for Virtual System Modelling.
SimulAVR
The SimulAVR program is a simulator for the Atmel AVR family of microcontrollers.
simavr
a lean and mean Atmel AVR simulator for linux