Unfortunately it’s not real. Like many other facets of my life, it exists only within the mind of my computer. However, it does work, and I can write programs for it using the latest version of Visual Studio.
If you want your own Windows Phone 7 Series device you can head over to here to perform a one stop download that gives you all the tools you need, including Silverlight, XNA and the emulator.
If you are feeling rich (or are a student on Dreamspark) you can even signed up for the Developer experience here.