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 you are a registered developer or a IBM Business Partner - I believe 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. Please review these URLs: