Waterbox supports threads now, but they're not real threads on the host side because that's complicated and can be nondeterministic. Instead, everything is scheduled to share one host thread. This means that scheduling is actually cooperative and certain patterns of spinlocks and other nonsense can fail to work at all, but "regular" code probably will.
With this, add DobieStation PS2 core. This core was selected because it has threads and is otherwise simple to port; easy to build and a good core/frontend separation. It's not a wonderful core however, with low speed (made abysmally lower by our lack of real threads) and low compatibility, so it remains a curiosity for now.
nattthebear