If it's really that old, it's probably hitting the hardware so unlikely to work in any modern Windows install.

Is it a DOS application or Windows 3.xx? Get a DOS boot disk (might be able to boot on USB if you don't have a floppy drive).

http://www.bootdisk.com/ has some boot disks.
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Christian
#40104192 120Gb (no longer in my E36 M3, won't fit the E46 M3)