Go to Tools->Connect To Device. From the platform select Windows mobile 5.0 Pocket PC SDK. Now start Windows Mobile 5.0 Pocket PC Emulator. This will start the WM5.0 PPC emulator.

You will probably need to copy your html files to emulator. For this you need to have Active sync 4.0 on your matchine installed. Preview version is available on Microsoft site. In active sync, open File->Connection Settings. In this dialog box make sure "Allow connections to be one of the following:" has DMA.
Now in Visual Studio, Tools->Device emulator manager. This will launch Device Emulator Manager. In this Go to the emulator which you need and right click and cradle. This will establish a partnership with AS. Now using AS->Explore you can copy your files as appropriately.