diff --git a/BizHawk.Emulation.Cores/BizHawk.Emulation.Cores.csproj b/BizHawk.Emulation.Cores/BizHawk.Emulation.Cores.csproj
index 0ff66a8a21..9b121889f9 100644
--- a/BizHawk.Emulation.Cores/BizHawk.Emulation.Cores.csproj
+++ b/BizHawk.Emulation.Cores/BizHawk.Emulation.Cores.csproj
@@ -1285,6 +1285,7 @@
     <Compile Include="Sound\VRC6Alt.cs" />
     <Compile Include="Sound\YM2413.cs" />
     <Compile Include="Sound\YM2612.cs" />
+    <Compile Include="Waterbox\PeRunner.cs" />
     <Compile Include="Waterbox\Swappable.cs" />
     <Compile Include="Waterbox\WaterboxUtils.cs" />
   </ItemGroup>
diff --git a/BizHawk.Emulation.Cores/Waterbox/PeRunner.cs b/BizHawk.Emulation.Cores/Waterbox/PeRunner.cs
new file mode 100644
index 0000000000..9bab031cfd
--- /dev/null
+++ b/BizHawk.Emulation.Cores/Waterbox/PeRunner.cs
@@ -0,0 +1,157 @@
+using PeNet;
+using System;
+using System.Collections.Generic;
+using System.Linq;
+using System.Runtime.InteropServices;
+using System.Text;
+
+namespace BizHawk.Emulation.Cores.Waterbox
+{
+	public class PeRunner
+	{
+		private static readonly ulong CanonicalStart = 0x0000036f00000000;
+
+		public class PeWrapper
+		{
+			public Dictionary<int, IntPtr> ExportsByOrdinal { get; } = new Dictionary<int, IntPtr>();
+			/// <summary>
+			/// ordinal only exports will not show up in this list!
+			/// </summary>
+			public Dictionary<string, IntPtr> ExportsByName { get; } = new Dictionary<string, IntPtr>();
+
+			public string ModuleName { get; }
+
+			private readonly byte[] _fileData;
+			private readonly PeFile _pe;
+
+			public ulong Size { get; }
+			public ulong Start { get; private set; }
+
+			public long LoadOffset { get; private set; }
+
+			public MemoryBlock Memory { get; private set; }
+
+			public IntPtr EntryPoint { get; private set; }
+
+			public PeWrapper(string moduleName, byte[] fileData)
+			{
+				ModuleName = moduleName;
+				_fileData = fileData;
+				_pe = new PeFile(fileData);
+				Size = _pe.ImageNtHeaders.OptionalHeader.SizeOfImage;
+
+				if (Size < _pe.ImageSectionHeaders.Max(s => (ulong)s.VirtualSize + s.VirtualAddress))
+				{
+					throw new InvalidOperationException("Image not Big Enough");
+				}
+			}
+
+			/// <summary>
+			/// set memory protections, finishing the Mount process
+			/// </summary>
+			public void FinishMount()
+			{
+				foreach (var s in _pe.ImageSectionHeaders)
+				{
+					ulong start = Start + s.VirtualAddress;
+					ulong length = s.VirtualSize;
+
+					MemoryBlock.Protection prot;
+					var r = (s.Characteristics & (uint)Constants.SectionFlags.IMAGE_SCN_MEM_READ) != 0;
+					var w = (s.Characteristics & (uint)Constants.SectionFlags.IMAGE_SCN_MEM_WRITE) != 0;
+					var x = (s.Characteristics & (uint)Constants.SectionFlags.IMAGE_SCN_MEM_EXECUTE) != 0;
+					if (w && x)
+					{
+						throw new InvalidOperationException("Write and Execute not allowed");
+					}
+
+					prot = x ? MemoryBlock.Protection.RX : w ? MemoryBlock.Protection.RW : MemoryBlock.Protection.R;
+
+					Memory.Protect(start, length, prot);
+				}
+			}
+
+			/// <summary>
+			/// load the PE into memory
+			/// </summary>
+			/// <param name="org">start address</param>
+			public void Mount(ulong org)
+			{
+				Start = org;
+				LoadOffset = (long)Start - (long)_pe.ImageNtHeaders.OptionalHeader.ImageBase;
+				Memory = new MemoryBlock(Start, Size);
+				Memory.Activate();
+
+				// copy headers
+				{
+					ulong length = _pe.ImageNtHeaders.OptionalHeader.SizeOfHeaders;
+					Memory.Protect(Start, length, MemoryBlock.Protection.RW);
+					Marshal.Copy(_fileData, 0, Z.US(Start), (int)length);
+					Memory.Protect(Start, length, MemoryBlock.Protection.R);
+				}
+
+				// copy sections
+				foreach (var s in _pe.ImageSectionHeaders)
+				{
+					ulong start = Start + s.VirtualAddress;
+					ulong length = s.VirtualSize;
+
+					Memory.Protect(start, length, MemoryBlock.Protection.RW);
+					Marshal.Copy(_fileData, (int)s.PointerToRawData, Z.US(start), (int)s.SizeOfRawData);
+					WaterboxUtils.ZeroMemory(Z.US(start + s.SizeOfRawData), (long)(length - s.SizeOfRawData));
+				}
+
+				// apply relocations
+				foreach (var rel in _pe.ImageRelocationDirectory)
+				{
+					foreach (var to in rel.TypeOffsets)
+					{
+						ulong address = Start + rel.VirtualAddress + to.Offset;
+
+						switch (to.Type)
+						{
+							// there are many other types of relocation specified,
+							// but the only that are used is 0 (does nothing), 3 (32 bit standard), 10 (64 bit standard)
+
+							case 3: // IMAGE_REL_BASED_HIGHLOW
+								{
+									byte[] tmp = new byte[4];
+									Marshal.Copy(Z.US(address), tmp, 0, 4);
+									uint val = BitConverter.ToUInt32(tmp, 0);
+									tmp = BitConverter.GetBytes((uint)(val + LoadOffset));
+									Marshal.Copy(tmp, 0, Z.US(address), 4);
+									break;
+								}
+
+							case 10: // IMAGE_REL_BASED_DIR64
+								{
+									byte[] tmp = new byte[8];
+									Marshal.Copy(Z.US(address), tmp, 0, 8);
+									long val = BitConverter.ToInt64(tmp, 0);
+									tmp = BitConverter.GetBytes(val + LoadOffset);
+									Marshal.Copy(tmp, 0, Z.US(address), 8);
+									break;
+								}
+						}
+					}
+				}
+
+				// publish exports
+				EntryPoint = Z.US(Start + _pe.ImageNtHeaders.OptionalHeader.AddressOfEntryPoint);
+				foreach (var export in _pe.ExportedFunctions)
+				{
+					if (export.Name != null)
+						ExportsByName.Add(export.Name, Z.US(Start + export.Address));
+					ExportsByOrdinal.Add(export.Ordinal, Z.US(Start + export.Address));
+				}
+
+				// collect information about imports
+				// NB: Hints are not the same as Ordinals.  Off by 1??
+				foreach (var import in _pe.ImportedFunctions)
+				{
+					
+				}
+			}
+		}
+	}
+}
diff --git a/BizHawk.Emulation.Cores/Waterbox/WaterboxUtils.cs b/BizHawk.Emulation.Cores/Waterbox/WaterboxUtils.cs
index 74540e47ef..9b01f29da2 100644
--- a/BizHawk.Emulation.Cores/Waterbox/WaterboxUtils.cs
+++ b/BizHawk.Emulation.Cores/Waterbox/WaterboxUtils.cs
@@ -42,5 +42,14 @@ namespace BizHawk.Emulation.Cores.Waterbox
 			}
 		}
 
+		public static unsafe void ZeroMemory(IntPtr mem, long length)
+		{
+			byte* p = (byte*)mem;
+			byte* end = p + length;
+			while (p < end)
+			{
+				*p++ = 0;
+			}
+		}
 	}
 }
diff --git a/References/PeNet.dll b/References/PeNet.dll
index f2c887f476..f4657450e7 100644
Binary files a/References/PeNet.dll and b/References/PeNet.dll differ