As J65nko suggested - you should have a qemu image file.
I'm running qemu on a FreeBSD host system with no problems.
Also, right now I tested qemu under Windows XP host system and OpenBSD works fine.
These are the commands I used:
Code:
qemu-img.exe create obsd.img 4G
Code:
qemu.exe -L . -boot d -hda obsd.img -cdrom install44.iso -localtime -m 256
However I haven't tested it with LiveCD, but instead I used an OpenBSD 4.4 ISO.