Locate the program and right click its main executable and choose Properties. From the windows navigate to Compatibility and select Windows XP Service Pack 3. Many older programs that are made for Windows 95/98 are working fine on Windows XP. After you configure that setting, Windows 7 will use libraries to launch the application in compatibility mode. If it succeeds then the result is what you asked but if it fails then you will need to search for an updated version of the software because although Windows 7 supports native virtualization, you won't be able to run Windows 95/98 concomitantly.