http://www.pcworld.com/article/211404/a_legal_windows_clone.html
Anyone wanna try?
ReactOS? Tried it in the past. It was about as stable as Win95 at the time and less useful than 3.1.
Last I checked games weren't an option on it, although that was a while ago.
It will always have the same problems as wine though. That is MS don't document their public APIs properly (that is they often behave in undocumented ways or differently from the documented way), MS have tons of undocumentated private APIs that many applications use (again suffering from the "doesn't behave as expected issue") and MS are constantly adding new APIs and features to the OS bloat.
Trying to retain as much backwards compatibility as possible whilst still keeping up with new technology is hard, and Windows hits the middle ground somewhere in that (doesn't do either well, but enough of both to keep most people happy). Trying to copy technology doing that without being several generations behind is very, very difficult, especially with a company as closed and unpredictable as MS.