Actually, this isn't as crazy as it seems.
IIRC, AMD's K7 (Athlon) and K8 (Athrlon-64) architectures are actually a proprietary RISC architecture with an x86 emulation layer over the top. It may well be possible for them to make these with a PPC emulation layer instead.
I have no idea, however, how well these would compete against a real PPC. I would be really surprised if they can match a G5, but they might be able to match a G4's performance.
Of course, designing any such a CPU would be expensive and time-consuming, and it would be hard to make the business case for AMD to even consider such a project.
I believe TransMeta's Crusoe chip is similar - and its CPU emulation is loaded as software, so you don't need to spin new hardware. But it has never been known for high performance. Crusoe's big claim to fame is low power consumption. But it's another possibility, at least for low-end laptops.