[freebreakfast]

You might consider 86Box. It's emulation rather than virtualization, but it supports a range of graphics cards. This makes it easier to use the default drivers and/or find other drivers online.

Another emulation option is Bochs. I haven't played with it in years though.

[accrual]

Fun side note: Bochs has a working port on the PlayStation Portable (PSP). Booting up Windows 95 on my PSP in high school was my geeky party trick.

[jeroenhd]

I think I've tried messing with that before but I couldn't get it to work right. It's an extremely accurate emulation of the hardware but that comes at the cost of performance and the stuff I wanted to mess with for nostalgic reasons didn't really need emulation that accurate.

Still solid options for anyone else looking into more accurate emulation of old machines, though, these two pieces of software can get keep that thirty year old piece of legacy software running for at least another decade or so!

[Laforet]

PCem is probably the more suitable emulator if accuracy is not as important.

[tssva]

Has development of PCem restarted?

[snvzz]

Yes. New maintainers.