text: Dual-Boot Windows 98 & Windows 95 - HelpWithWindows.com
  Dual-Boot Windows 98 & Windows 95
  Here is a crude way to make a Dual-Boot system with Windows 98 & Windows 95:
  First create a Start-up Disk in Windows 95. Do this before installing Windows 98, so you'll be able to restore Windows 95 without having to reinstall it
  To create a Start-up Disk in Windows 95:
  Open Add/Remove Programs, select the Startup Disk tab
  When ready, copy the file Msdos.sys from C:\ to the Start-up disk, overwriting the one on the disk
  Msdos.sys is a hidden file, see Show all files to see how to show hidden files in Windows Explorer
  Now we are ready to install Windows 98:
  Select Start > Shut Down, and from the menu choose Restart the computer in MS-DOS mode, click OK
  Once in DOS, change to the Windows 98 directory by typing cd\ C:\Win98, assuming you put the files on the C:\ drive - replace C with your CD drive letter if you're installing from the CD. Then type Setup
  Follow the instructions on-screen, when it asks you to Select an installation directory, select Other directory, click on Next, and type in the name for the directory, say, C:\Windows.98
  When the installation is done, your computer will boot into Windows 98
  Now if you want to start in Windows 95, you just put the Windows 95 Start-up disk in the disk drive, and restart your computer.
  Note: for this to work, you have to be able to boot from your A: drive. This can be set from your computers BIOS. Usually these settings are found under the BIOS features setup, and you'll be looking for the Boot sequence setting. Refer to your manual if you are not sure.
  To start Windows 98, just remove the Windows 95 Start-up disk, and re-start your computer
  To be able to use programs you have installed in Windows 95 under Windows 98, you would have to re-install them. You can just install to the same directory, just use the same options. Also note that you would have to back-up any custom settings you made.
  For those who want a permanent Dual-Boot system, most dual-boot utilities require you to set aside a partition on your hard disk for each operating system you intend to use. You can partition the hard disk without reformatting it, using PowerQuest's PartitionMagic.
  Once you have the disk partitioned, you have to use a dual-boot utility, such as V Communications System Commander or BootStar, to install Windows 98 on the second partition. These programs let you install a different version of Windows on each hard disk partition and choose which one to use each time you (re) start your computer.