Even though this is not true in this case, this wouldn't be unheard of. Google did exactly the same with Picasa, that is, the Linux port of Picasa is a modified version of the original Windows Picasa running on Wine. http://en.wikipedia.org/wiki/Picasa#Linux
But the name contains the string .exe! Clearly that means Windows is being emulated.
(Note to people that think this is true; install f-spot on Linux some time. It's a C# application, and ends in .exe. Even though it has nothing to do with Windows, except that Microsoft spec'd C# and Microsoft makes Windows...)
It's not correct to say that Picasa is emulated using wine. Instead, it's a native Linux app that has been ported using WineLib, which reimplements a lot of the Windows API, but compiled to Linux. Instead of replacing API calls with the Linux equivalents, there's just an additional layer that redirect calls or implements them.