well, i just installed Win95 on my xperia play (android 2.3) by using QEMU PC emulator, it allows to run on phone PC OC like Linux, Windows, etc. 1ghz and 512mb ram will be enough to run win98 i think. Many ppl play some old PC games on phone with this (Fallout1/2,Settlers2 etc), and install Worms Armageddon possible as well, but the problem on controling, its incredible hardcore just to run "My Computer" already for me xD
Also played Playstation1 WWP/WA by using emulator FPSe