Virtualisation solutions using binary translation

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http://serverfault.com – Am I correct in thinking that the only (serious) option for virtualisation on older servers/CPUs that don't support Intel's VT-X/AMD-V for hardware assisted virtualisation is VMware ESX Server which offers binary translation? Specifically, there aren't any free solutions for older PowerEdge 1750 & 1850 servers? We have a couple of these which are currently idle because we can't virtualise them with XenServer. We could re-purpose them for a charity we work closely with but they cannot use our old ESX Server licenses. I guess there might be an option to upgrade the CPUs but is that all tha (HowTos)