I am looking just to emulate one.
That is what Applications -> Utilities -> Terminal is. A terminal emultor.
I also need to be able to define keyboard mapping as we use non standard key layouts.
You can do some key mapping via Terminal -> Preferences -> Settings -> Keyboad.
How would i load a windows based terminal emulator while using OSX like you mention?
No one said anything about loading a Windows based terminal emulator. Everyone has been say you just launch Applications -> Utilities -> Terminal, and you have a terminal emulator.
If you really want a Windows based terminal emulator, then you would need to either find a vendor that offers both a Windows and Mac version of their terminal emulator, or you would need to run Windows in a Virtual Machine, such as VMware Fusion, Parallels, or VirtualBox. But it seems to me that is over kill since Mac OS X does provide a terminal emulator.
And if you do not like the Mac OS X provided Terminal application, you can download iTerm which is another free terminal emulator.
<http://iterm.sourceforge.net/>
It also has the ability to do some keyboard mapping.
More extensive keyboard remapping can be done for the entire Mac via a utility called Ukelele
<http://www.macupdate.com/info.php/id/14495>