Short answer is a resounding No. (Also, you LITERALLY WAITED 11 minutes before bumping! That has to be a record!)
Windows RT, is essentially x86/normal desktop Windows recompiled for ARM. Thus, when the security restrictions are broken, some programs like .Net ones can run I believe since its in a similar environment (don't expect to run all EXEs, only a small drop in the bucket have a chance at working, everything else would need to be rebuilt.)
BUT, Windows Phone is completely different. Sure, it is similar/the same at the core, but that doesn't make up for the fundamental differences higher up.
Sure, its technically possible, like its technically possible to run Android on our phones, but it is just rendered near-impossible by security and other restrictions, and time, difficulty, etc.
Now given the horsepower, I would imagine an x86 emulator is possible, but not going to be particularly fast.