The image built here was made with QEMU. In this doc, I'm keeping instructions around.
Disk image creation
qemu-img create -f qcow2 win95.qcow2 1G
Installation
qemu-system-i386 -netdev user,id=mynet0 -device ne2k_isa,netdev=mynet0 -hda win95.qcow2 -soundhw sb16 -m 128 -cpu pentium -device cirrus-vga,vgamem_mb=64 -fda boot_floppy.img -cdrom Win95_OSR25.iso -boot a -soundhw pcspk
Running
With ne2k_isa
qemu-system-i386 -netdev user,id=mynet0 -device ne2k_isa,netdev=mynet0 -drive file=win95.img,format=raw,index=0,media=disk -soundhw sb16 -m 128 -cpu pentium -device cirrus-vga,vgamem_mb=16 -soundhw pcspk -cdrom Win95_OSR25.iso
With ne2k_pci
qemu-system-i386 -net nic,model=ne2k_pci -net user -drive file=win95_ne2k_pci.img,format=raw,index=0,media=disk -soundhw sb16 -m 128 -cpu pentium -device cirrus-vga,vgamem_mb=16 -soundhw pcspk -cdrom Win95_OSR25.iso --enable-kvm