Greetings "tarunflash", see if the following helps:
You can run or rather emulate mainframe on an intel based platform (Linux/Windows). It is called "Hercules S/370 and ESA/390 Emulator" and it is a free software package (not for the PC novices). Hercules can run almost all the S/370, S/390 based instructions set. You can virtually run IBM Licensed products such as MVS, OS/390, Z/OS and other program products under it. Please try these URLs below for more information:
Due to very tight licensing restrictions by IBM, you cannot legally run (emulate) your IBM Licensed products MVS, OS/390, Z/OS on them. If your are a registered developer or a IBM Business Partner - I belive IBM grants you very restricted license (depending on the nature of the business) - check with your IBM reps.
You can run the public version of MVS v3.8J. It is just as good for learning mainframe OS and other supporting products. Plese review these URLs: