diff --git a/include/reactos/libs/soft386/soft386.h b/include/reactos/libs/soft386/soft386.h
index 0f699c687d9..00e68e90cd7 100644
--- a/include/reactos/libs/soft386/soft386.h
+++ b/include/reactos/libs/soft386/soft386.h
@@ -332,6 +332,10 @@ VOID
 NTAPI
 Soft386Interrupt(PSOFT386_STATE State, UCHAR Number);
 
+VOID
+NTAPI
+Soft386ExecuteAt(PSOFT386_STATE State, USHORT Segment, ULONG Offset);
+
 #endif // _SOFT386_H_
 
 /* EOF */
diff --git a/lib/soft386/opcodes.c b/lib/soft386/opcodes.c
index 5ab29377c10..51ed74e4d4d 100644
--- a/lib/soft386/opcodes.c
+++ b/lib/soft386/opcodes.c
@@ -726,7 +726,7 @@ Soft386OpcodeShortConditionalJmp(PSOFT386_STATE State, UCHAR Opcode)
         }
     }
 
-    if ((Opcode & 0xF0) & 1)
+    if (Opcode & 1)
     {
         /* Invert the result */
         Jump = !Jump;
diff --git a/lib/soft386/soft386.c b/lib/soft386/soft386.c
index f6283ac3aa8..22732fdf340 100644
--- a/lib/soft386/soft386.c
+++ b/lib/soft386/soft386.c
@@ -58,6 +58,12 @@ Soft386ExecutionControl(PSOFT386_STATE State, INT Command)
             /* This is not a valid opcode */
             Soft386Exception(State, SOFT386_EXCEPTION_UD);
         }
+
+        if (Soft386OpcodeHandlers[Opcode] != Soft386OpcodePrefix)
+        {
+            /* A non-prefix opcode has been executed, reset the prefix flags */
+            State->PrefixFlags = 0;
+        }
     }
     while ((Command == SOFT386_CONTINUE)
            || (Command == SOFT386_STEP_OVER && ProcedureCallCount > 0)
@@ -246,4 +252,19 @@ Soft386Interrupt(PSOFT386_STATE State, UCHAR Number)
     UNIMPLEMENTED;
 }
 
+VOID
+NTAPI
+Soft386ExecuteAt(PSOFT386_STATE State, USHORT Segment, ULONG Offset)
+{
+    /* Load the new CS */
+    if (!Soft386LoadSegment(State, SOFT386_REG_CS, Segment))
+    {
+        /* An exception occurred, let the handler execute instead */
+        return;
+    }
+
+    /* Set the new IP */
+    State->InstPtr.Long = Offset;
+}
+
 /* EOF */
diff --git a/subsystems/ntvdm/emulator.c b/subsystems/ntvdm/emulator.c
index 33441a356b4..c41d1c646ac 100644
--- a/subsystems/ntvdm/emulator.c
+++ b/subsystems/ntvdm/emulator.c
@@ -31,8 +31,6 @@ static BOOLEAN A20Line = FALSE;
 
 /* PRIVATE FUNCTIONS **********************************************************/
 
-#ifndef NEW_EMULATOR
-
 static VOID EmulatorReadMemory(PVOID Context, UINT Address, LPBYTE Buffer, INT Size)
 {
     UNREFERENCED_PARAMETER(Context);
@@ -230,6 +228,8 @@ static VOID EmulatorWriteIo(PVOID Context, UINT Address, LPBYTE Buffer, INT Size
     }
 }
 
+#ifndef NEW_EMULATOR
+
 static VOID EmulatorBop(WORD Code)
 {
     WORD StackSegment, StackPointer, CodeSegment, InstructionPointer;
@@ -407,7 +407,14 @@ BOOLEAN EmulatorInitialize()
     /* Connect the emulated FPU to the emulated CPU */
     softx87_connect_to_CPU(&EmulatorContext, &FpuEmulatorContext);
 #else
-    // TODO: NOT IMPLEMENTED
+    /* Set the callbacks */
+    EmulatorContext.MemReadCallback = (SOFT386_MEM_READ_PROC)EmulatorReadMemory;
+    EmulatorContext.MemWriteCallback = (SOFT386_MEM_WRITE_PROC)EmulatorWriteMemory;
+    EmulatorContext.IoReadCallback = (SOFT386_IO_READ_PROC)EmulatorReadIo;
+    EmulatorContext.IoWriteCallback = (SOFT386_IO_WRITE_PROC)EmulatorWriteIo;
+
+    /* Reset the CPU */
+    Soft386Reset(&EmulatorContext);
 #endif
 
     /* Enable interrupts */
@@ -426,13 +433,15 @@ VOID EmulatorSetStack(WORD Segment, DWORD Offset)
 #endif
 }
 
+// FIXME: This function assumes 16-bit mode!!!
 VOID EmulatorExecute(WORD Segment, WORD Offset)
 {
 #ifndef NEW_EMULATOR
     /* Call the softx86 API */
     softx86_set_instruction_ptr(&EmulatorContext, Segment, Offset);
 #else
-    // TODO: NOT IMPLEMENTED
+    /* Tell Soft386 to move the instruction pointer */
+    Soft386ExecuteAt(&EmulatorContext, Segment, Offset);
 #endif
 }
 
@@ -572,7 +581,11 @@ VOID EmulatorStep(VOID)
         EmulatorInterrupt(EMULATOR_EXCEPTION_INVALID_OPCODE);
     }
 #else
-    // TODO: NOT IMPLEMENTED
+    /* Dump the state for debugging purposes */
+    Soft386DumpState(&EmulatorContext);
+
+    /* Execute the next instruction */
+    Soft386StepInto(&EmulatorContext);
 #endif
 }
 
diff --git a/subsystems/ntvdm/ntvdm.h b/subsystems/ntvdm/ntvdm.h
index f34354824b8..371604d9f35 100644
--- a/subsystems/ntvdm/ntvdm.h
+++ b/subsystems/ntvdm/ntvdm.h
@@ -27,6 +27,9 @@
 #define FAR_POINTER(x) ((ULONG_PTR)BaseAddress + TO_LINEAR(HIWORD(x), LOWORD(x)))
 #define STEPS_PER_CYCLE 256
 
+// Uncomment the following to use the new Soft386 CPU emulator (EXPERIMENTAL)
+// #define NEW_EMULATOR
+
 /* FUNCTIONS ******************************************************************/
 
 extern LPVOID BaseAddress;