Interestingly enough Windows 2000 works fine on QEMU 64-bit but you have to specify Pentium as your CPU otherwise it doesn't complete the install (it will not pass the detecting/setting up devices phase).
-vga cirrus is wise because it is supported by Windows 2000 and allows higher resolutions and 24-bit color.
-cpu Pentium emulates an old computer and is necessary for install to complete
-device rtl8139 is important as this oldschool Realtek 8139 NIC is supported by W........
WARNING: Image format was not specified for '/mnt/space/cucm12.img' and probing guessed raw.
Automatically detecting the format is dangerous for raw images, write operations on block 0 will be restricted.
Specify the 'raw' format explicitly to remove the restrictions.
#you should manually specify the format
q........
"Detecting hardware, please wait..."
Solution
This occurs if you are installing with low RAM such as 128MB
Bump it up at least to 512MB for the install........