Windows CE and Windows XP are two different operating systems, applications designed for one of them will not run on the other. There are few, very restrictive exceptions though: when an application is made for Windows CE using the ".NET Compact Framework", without using any specific feature of the Windows CE operating system (in a programmers' environment I would say without using p/invoke), then the application can be re-used in Windows XP. However your "IGO Primo" application seems to have some hardware interoperability, so I doubt it falls into this category. Short answer: it is very unlikely that you will be able to use this Windows CE application in Windows XP directly.
About the idea of using an emulator, there are emulators available, but they are not meant to be used as standalone applications - they are usually combined with development tools like Microsoft Visual Studio for programmers to develop Windows CE applications. That said, if your device has an ARM CPU, you can try with the emulator provided in the samples of this book, however I cannot tell if this emulator has any dependences on programming tools, or if it will provide you access to the USB ports of your host system.
If you do try this, it would be interesting if you could post your results. Good luck!