Why simulate? Record a short section of the sound on an actual tape reel, plug the output of the tape reel into the input of your digital recorder, and then record the actual sound of suddenly halting the actual tape. If you don't have a reel to reel I'm sure you could accomplish the same thing with a casette.
Do you have a cheap cassette player that you don't mind killing? Rip the door off of it so the cassette is exposed and then while the tape is playing try pressing down hard on the spool that drives the tape to abruptly stop the playback.
chibi,
I'll stick with the digital approach for now. I've got an old 4-track cassette I don't use much, but was considering selling it, so I probably won't abuse it. Plus it is so damn noisy...
It's a stand-alone program that simulates a turntable using loops that can be grabbed and actually scratched around with the mouse. It's just mono, but does the trick nicely. I exported the end of the song I wanted to edit, put it in the program and just stopped it from playing by clicking somewhere in the display. There is a parameter that has to be changed first, it slows the reaction of the 'turntable' down (don't know if it was Hand or Turntable..). The edited file can be saved and reimported into your multitrack software. Chop the parts you don't need off and paste it to the desired position.