Yes, Shmutt has the solution. At least this works for NVIDIA and ATI graphics cards since it is an option in the driver settings. For Intel on board graphics cards and the like I don't know but hopefully they have a similar feature.
Also, on by nephew's windows seven old games ran non-stretched as default as opposed to Vista and XP where the default is stretched.
If you are going to play old games you should fix this as stretched games look horrible. If you have NVIDIA, just go the NVIDIA control panel, select screen and select scaling. There you can choose between running the games in their native resolution (too small on my monitor), resized, but with correct aspect ratio, (what I use), and resized to fit the entire screen ( which looks horrible.)
Of course the old games looked a little bit better on the old CRT monitors they were made for, but I think the newer LCD monitors scale the graphics better than the older ones did.
I remember how blurry HOMM 2 looked on my first LCD monitor. Now it looks almost like it did when the game was new.
In short: If you have XP or Vista you should look through your graphics card options. (If you can't change it through them, maybe someone have made a program for your needs?) If you have Windows Seven, you should be fine.