Hi! Ed,

In a message to Alan Zisman you wrote:

 EV> The old W95 laptop is an Acer, so probably its a custom W95, but I
 EV> still could try.

They will have drivers for hardware that isn't emulated by VirtualBox,
since that hardware didn't exist in 1995.  Particularly the video card. 
There are a couple of drivers for that fix.

 EV> I just didn't know if I can just make a VM and copy the CD (or an
 EV> .ISO) into the VM.

You can run CDs or .ISO files directly in a vBox.  I do it all the time in
a Win98SE 'games' vBox, switching between a real CD or various .ISO images
(that I created) for different versions of one particular game.

Cheers,
Paul.

... Error reading drive C:  Haha!  Take THAT, stupid human! 
--- Paul's Win98SE VirtualBox