There isn't a Mac equivalent. You can use
Apple's Boot Camp (free) to install and run windows natively if you have a fairly new Mac. That's how I run Win500 under Windows XP and it works quite nicely.
If you want to run Windows and Mac applications at the same time, without rebooting, you can install Windows using VMware or Parallels software. I've used VMware and it works okay but I switched to Boot Camp because I don't need Windows often enough to justify the additional expense of VMware.