QEMU is actually more capable than most other virtualization tools for this, since it supports user more emulation. That is can emulate the code inside a binary (Such as GCC)compiled for ARM Linux (for example), on an x86 system. It also emulates the ARM syscall interface, translating the syscalls on the fly into syscalls on the host system. This would include loading the (ARM) shared libraries for the emulated processes.
In many ways it is like WINE, except for the fact there is emulation involved of course. I suppose it may even be possible to use the binfmt feature to detect the architecture of the elf files and run the non-native ones in QEMU automatically, just like is done with Wine (and Mono, etc.).