When and how will it be possible for my wife and I to each have a WM6.1 phone and Sync 2 different calendars and contact lists.  I have my Sprint Mogul which will syn to my Outlook 2007, I don't have a problem with that.  Now I am wanting to get a second WM6.1 phone for her to help streamline her life, but obviously we'd want her to have her own calendar setup and possibly her own set of contacts.

I've done all the research I can, and have been to the Sprint store with no luck.  Any insight would be much appreciated.

If the answer is no, could somebody at least tell me how to get a Palm emulator to work 64-bit Vista Ultimate.

Welcome the derek - and yes this is possible. You can do it two different ways. You can either have two different profiles in OUTLOOK. Or you can set up two different users on the PC.

The two different users on the PC is the simplest method and both of you have completely separate sets of data on one computer, though you can also choose to share files and folders. You need only install OUTLOOK for one user, and then any user on that PC also has their own OUTLOOK program with their own unique data. 

If you don't want to be switching users, then you can set up two different OUTLOOK profiles and each profile has its own set of OUTLOOK data.

Here is a good explanation of OUTLOOK profiles:

http://office.microsoft.com/en-us/outlook/HA011471581033.aspx

My wife and I each have our own laptops. This will work for you also.

My wife and I have separate users on every device, then we use Plaxo to sync up all the calendars between the XP machines, then use NuevaSync to act as a "Exchange" server for the Plaxo address book, and Google Calendar.