The pulsating (called also oscillating) heat pipe (PHP) is a simple capillary tube bent in meander and filled with a two-phase fluid. We discuss numerical simulations of the 10-turn copper-water PHP under vertical favorable (bottom-heated), vertical unfavorable (top-heated), and horizontal orientations. Within the present approach, the horizontal orientation is equivalent to the microgravity conditions. The simulations are performed with the in-house CASCO software. The time-averaged spatial distribution of the liquid plugs inside the PHP is influenced by gravity. This affects the overall PHP performance. We show that, independently of the PHP orientation, contribution of the latent heat transfer is large with respect to the sensible heat transfer. We discuss the phenomena occurring inside the PHP during startup and the stable regimes (intermittent and continuous oscillations followed by dryout