In principle it should be possible to get Rubinius to work with Emscripten - I'd be excited to see that happen. In fact it should work better than compiling a language's VM (which is what happens in the Lua demo).
But it will be hard to do without help from someone that knows Rubinius well (I don't).
Lua code compiled to LLVM bytecode then to Javascript using Emscripten will most probably be faster than code interpreted on the fly in the browser, but I wonder by how much.
But it will be hard to do without help from someone that knows Rubinius well (I don't).