by what I can find out, it's the display drivers (video card drivers). something is going on with them every time BF3 initializes that's causing the BSOD. possible corruption or improper installation by the installers used.
use BluescreenView to see the information of the BSOD, it'll give the 0x BSOD code. from there we'll figure out what's going on, right now all I can think of is a instability in the system. but won't know until the BSOD code is mentioned
not likely, the programming that is required and the hardware needed for it is pretty astronomical for decent emulation. it's still a few years out till there is still a viable emulator for the 360 as well if computer hardware advances enough to get decent gameplay out of it.