This is the result of testing (As of 2016-02-08)
- RPCEmu 0.8.14
- ROOL RISC OS 5.22 ROM Image File: IOMD 5.22 stable (softload) - 2015-04-21. The ROM Image file required is inside the archive at the path soft/!Boot/Choices/Boot/PreDesk/!!SoftLoad/riscos The rest of the softload application is not needed with RPCEmu.
- ROOL self extracting hard disc File: HardDisc4 (self-extracting) - 2015-04-19
RISC OS 5 will run on RPCEmu however there are caveats.
- Does not support IDE harddiscs or CDROM. 
 Although the RISC OS ROM supports IDE, this has not yet been enabled on RPCEmu due to the presence of a RPCEmu data loss bug, that is only present when it is enabled.
You can run a RISC OS !Boot sequence, using HostFS: Copy the HardDisc4 file to HostFS, boot the emulator, set the filetype to 'Utility' and run the file, this extracts the basic hard disc contents, into a sub directory called 'HardDisc4', move the contents to the root of the HostFS drive. Then type the following commands within RISC OS
*configure filesystem hostfs *configure boot
Reboot the system.