Leopard server, however, CAN be run under emulation and can be used for desktop purposes. The EULA for the workstation version of Leopard prevents it from being run under emulation and as a result, there's no support in VMWare for this.
As many point out if you stick an Apple sticker on your PC you're probably covered. If you purchase (or already own) a version of Leopard then this is a gray area since the Leopard EULA states you may only run it on an 'Apple Labeled' machine.
If you're running an AMD machine or something without SSE3 it gets a little more involved. if you're running a Core 2 Duo on an Intel Motherboard, with an NVidia graphics card you are laughing. This is not as hard as you would think, although your success/effort ratio will depend upon how closely the hardware in your PC matches that in Mac hardware - e.g. The first route requires modifying (or using a pre-modified) image of Leopard that can be installed on a regular PC. This is a commercial toolset, but the component and lib support is growing. It's certainly possible to develop on a Windows machine, in fact, my first application was exclusively developed on the old Dell Precision I had at the time :)