OldFatGuy: Thank you for this. Perhaps I won't try after all, because I don't even know where to start and if I ran across any of these problems once I did I would have no hope of figuring them out either.
Please do, trying it isn't necessarily that hard. If you have Win9x on CD or ISO image, just install VMWare Player on your PC, run it, tell it to create a new virtual machine, and point it to the installation CD or ISO image to start the installation. If VMWare recognizes the OS you are trying to install, it installs it even easier.
And if you don't like it or something goes wrong, getting rid of the virtual machine is even simpler, as it exists only inside VMWare Player. It is not as if it changes your PC/Windows configuration in any way or anything.
One thing to remember is that when VMWare offers to install VMWare Tools (for Win9x, or Win2000/XP, depending which Windows you are trying to install), say yes. I think it install the extra stuff making e.g. 3D acceleration possible in the virtualized machine, and other useful stuff.
Here's one instruction for creating Windows XP virtual machine:
http://www.youtube.com/watch?v=j9AxP92t9Nk It may be that I was missing something with my Windows XP experiment, because I've seen some Youtube video of someone running e.g. older Futuremark 3D benchmark on a virtualized (VMWare Player) Windows XP installation, and it was speedy there. Not sure why I had so bad experience when trying to run a couple of Direct3D games.
Anyway, virtualized machines or emulators are the only way to keep playing the originals in the future. I just don't know which comes first (useful) for old Win9x era games, is it Win9x running in VMWare Player, or inside DOSBox. Someone has tried the latter too semi-successfully (running Windows 9x in DOSBox).