Nope. Parallels is Intel only. However, Virtual PC is for PPC Macs.
There is an application under development called Darwine that runs Windows Applications, but it isn't able to run exe files under PPC Macs yet.
There is a way to run .net applications on Mac OS X. See here. I'm not so sure if this will work for you, but I heard that you might be using .net. Not sure yet...