I've verified it runs on real hardware, although for a 386 it's incredibly SLOW. It is however playable, more so in emulation. It's buildable with the original cl386 from the Microsoft OS/2 SDK 2.00 beta 2 that is floating around out there.
Overall it's more of a proof of concept.
the PM part was taken from DEV-SAMPLES-C-PM-FastGPI.