We report on the preparation of a novel type of particle-stabilized oil-in-water emulsions. The emulsification mechanism comprises partial hydrolysis of the oil phase promoted by the alkaline surface of ellipsoidal hematite colloids stabilized by tetramethyl ammonium hydroxide. This mechanism yields monodisperse oil droplets with embedded single ellipsoidal particles. The emulsions, which are stable for at least several months, can be polymerized by radical initiation, to yield latex-like particles with interesting optical and magnetic properties due to their anisotropic hematite cores. Moreover, we show that complex composite core-shell colloids can be prepared by PMMA growth and silica deposition on polymerized emulsion droplets. Finally, as an example of a possible application for our system, we have measured translational and rotational diffusion coefficients of hematite-stabilized oil droplets by depolarized dynamic light scattering. The latter technique can also be employed to monitor the spontaneous emulsification in time.