If you have a legacy application that only will run on Windows 95 first check to see if you can simply copy the program folder over to a newer system. Many older programs never required registry changes and have everything they need to run in that folder. If that is not the case proceed to virtualizing your old Windows 95 machine.

The general steps are to take an image of the Windows 95 drive. Run VMware converter to make it a virtual machine. Install VM Player or similar virtualization software and run the 95 VM.

More detailed steps:

1. Remove the Windows 95 drive from the old computer.
2. Slave it to a newer computer.
3. Using cloning software such as Acronis or Norton Ghost create a backup image of the VM and save it to the newer computers disk.
4. After taking the image start the newer computer.
5. Install VMware converter
6. Start converter and choose Convert Machine.
7. Specify the source as a backup image and point to the image you took earlier.
8. Specify the destination and type (ESX, VM Player, VM Workstation, VM Server). Both Player and Server are free.
9. Finish the wizard, keeping the defaults.
10. Install VM Player or your virtualization product of choice.
11. Start VM Player and open the VM you just created.

Isn't that the clearest WIndows 95 splash screen you've ever seen?

Got goosebumps yet?