Comment 21 for bug 452175

to Pekka:

If you have seen the above discussion then there was this link about the nx-emulation:
https://wiki.ubuntu.com/Security/Features#Non-Exec%20Memory

If you read it you will see that the generic-pae kernel is also using the nx-emulation if your processor does not support "nx".
As far as I see from your /proc/cpuinfo you don't have. So if this bug is really badly affect your work then you either use some older kernel (earlier then 2.6.30-3.4 because with that one was started the nx-emulation enabled) or use the 64bit kernel (if your processor is 64bit capable).