Yes you can. QEMU fully supports ARM processor emulation.
I was working on it a while back but had to stop working on it due to an increased workload.
I really do not have much interest in working with the WE's just due to the fact their working fine for me now.
I do not own a WE II but you biggest hurtle would probably be configuring the virtual software raid from within qemu, which as I see it is the only thing preventing people from properly usig the rescue procedure on them.
I had gotten my 500gb WE's for a little less than 50 each new, and was unable to acquire any of the 1TB WE II's at the time for ~ 100, but I believe the only difference between them is the software raided partitions and bootstrap being on the longer cable (primary) drive.