And it is kind of tedious. You have to make sure your NPE has an ethernet device, or of course add in an Ethernet device.
dynamips.exe -P 7200 -X --sparse-mem -T 7200 -t npe-200 C7200-IS.BIN -p 0:C7200-IO-FE -s 0:0:gen_eth:"\Device\NPF_{0CFA803F-F443-4BB9-A83A-657029A98195}"
But yes, this works. Of course your ethernet device will be different than mine.
I will probably re-write the pcap code to be dynamic. I've always hated how Dynamips won't run without winpcap, and maybe I'm not going to use it...