From Sega Retro
Wakalabis is a Sega Master System emulator for Windows written by Adriano Bedeschi & Eduardo Hisashi Sato. Written in C and ASM under DirectX, the emulator aims to focus on compatibility and accuracy rather than performance and speed. Despite this, it still performs fairly well.
Given that the emulator's last update was on July 29, 2003, it can be assumed that the project has since been discontinued.