Is There Any Way To Run PowerPC Applications On Lion?

Yes. Run Mac OS X Server 10.5 or 10.6 in emulation inside Lion.

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I like that you have a way of runing PowerPC apps, because I too found myself needing to open old files (i.e., AppleWorks). How does one go about running Mac OSX Server 10.5 or 10.6 in emulation insdie Lion? Are there instructions anywhere on how to do this?

You need VM software first. Parallels and VMWare are the considered the best. Install the VM software. Launch it and you will be presented with the option to set up a virtual machine. Keep following the manual's instructions for installing Leopard Server or Snow Leopard Server.

10.6 in 10.7 this way

http://forums.macrumors.com/showthread.php?t=1365439

Advice:

Mac Emulations are too powerful...

They may waste your disk space, RAM, power and life-span if your computer has a certain age.

Do emulations with caution and don't go crazy with it...

(AppleCare doesn't provide support for emulated Macs!)

There is so much wrong with that post.

They may waste your disk space

Not may, will. The VM software of course takes up space on the hard drive, as does the OS you install to run within it.

RAM

Again, not may, will. How else would you expect it to run?

power and life-span if your computer has a certain age.

Completely false. It's just another piece of software. It can't do anything different to your computer than anything else you could run on it.

Sorry. I meant "Will".

I just had no time to write about emulations...