How to generate and run native code dynamically?

Not sure about linux, but this works on x86/windows.
Update: http://codepad.org/sQoF6kR8

#include <stdio.h>
#include <windows.h>

typedef unsigned char byte;

int arg1;
int arg2;
int res1;

typedef void (*pfunc)(void);

union funcptr {
  pfunc x;
  byte* y;
};

int main( void ) {

  byte* buf = (byte*)VirtualAllocEx( GetCurrentProcess(), 0, 1<<16, MEM_COMMIT, PAGE_EXECUTE_READWRITE );

  if( buf==0 ) return 0;

  byte* p = buf;

  *p++ = 0x50; // push eax
  *p++ = 0x52; // push edx

  *p++ = 0xA1; // mov eax, [arg2]
  (int*&)p[0] = &arg2; p+=sizeof(int*);

  *p++ = 0x92; // xchg edx,eax

  *p++ = 0xA1; // mov eax, [arg1]
  (int*&)p[0] = &arg1; p+=sizeof(int*);

  *p++ = 0xF7; *p++ = 0xEA; // imul edx

  *p++ = 0xA3; // mov [res1],eax
  (int*&)p[0] = &res1; p+=sizeof(int*);

  *p++ = 0x5A; // pop edx
  *p++ = 0x58; // pop eax
  *p++ = 0xC3; // ret

  funcptr func;
  func.y = buf;

  arg1 = 123; arg2 = 321; res1 = 0;

  func.x(); // call generated code

  printf( "arg1=%i arg2=%i arg1*arg2=%i func(arg1,arg2)=%i\n", arg1,arg2,arg1*arg2,res1 );

}