Canonical had earlier announced plans to launch Ubuntu in Android based devices. Ubuntu for Android is a new initiative that will allow your high-end phone to work as a full desktop computer. In a video shown below, we can have an idea of what it will actually look like.
In this phone, its currently running in Android Gingerbread. Ubuntu is not actually emulated, but runs fully independent, while still retaining connections with parent OS. While compatibility with phone's hardware is an issue, Canonical engineers are working closely with phone hardware manufacturers to make the transition smooth.
For the time being, Ubuntu For Android will require a quad core phone to function.