Significant progress has been made in recent years towards preventing code injection attacks at the network level. However, as state-of-the-art attack detection technology becomes more prevalent, attackers are likely to evolve, employing techniques such as polymorphism and metamorphism to defeat these defenses. A major outstanding question in security research and engineering is thus whether we can proactively develop the tools needed to contain advanced polymorphic and metamorphic attacks. While recent results have been promising, most of the existing proposals can be defeated using only minor enhancements to the attack vector. In fact, some publicly-available polymorphic shellcode engines are currently one step ahead of the most advanced publicly-documented network-level detectors. In this paper, we present a heuristic detection method that scans network traffic streams for the presence of previously unknown polymorphic shellcode. In contrast to previous work, our approach relies on a NIDSembedded CPU emulator that executes every potential instruction sequence in the inspected traffic, aiming to identify the execution behavior of polymorphic shellcode. Our analysis demonstrates that the proposed