There is the Windows 9x project for those interested. I won't give a link, but Google will! Windows 95, 98, 98SE and ME work well in VMWare Player (give them more memory than suggested, like 128Mb, and you will barely use the swapfile) but the audio drivers can be difficult to source for the older OSs. Try Creative_AudioPCI__ES1371_ES1373___WDM_.zip from Mediafire, there is no paywall.
Briefly, create a new virtual machine and set to boot from an iso file of the bootable operating system cd. The 9x project CD sets up a ram disk as a virtual A:\ drive and has batch files 1-4 which can install each of the Win9x systems. There is documentation on the iso and in the A:\ drive and batch files.
contains useful tips to make the virtual bios more easily accessible when setting up virtual machines that need to first load DOS and then the Graphical OS, like Windows 3.x, and occasionally 9x when things go pear-shaped!
This is not meant to be a tutorial, just a lightweight guide, so have fun!