Well, here's what VPC has to say about installing Win95:
Installing Windows 95 on a new C: drive image:
1. Launch VPC and hold down the "option" key (option key brings up the
preferences dialog).
2. Highlight the "C" Drive (left window). Create a new hard drive (right
window) and enter the desired size of the drive.
Note:If you have an ethernet card installed on your Mac that you will be
using, be sure that the ethernet controller in the Virtual PC preferences
box is enabled
3. Click the "Restart" button. Ignore the "Non-System disk or disk error
Replace and press any key when ready".
4. Drag the "OS_Install.img" (located in the Installing Other OSes folder on
the Virtual PC 2.0 CD) to the "Eject Floppy" button at the bottom of the
Virtual PC window.
5. Press any key. The following message will appear:
This will prepare your current C drive for installation of
a new operating system.
This will overwrite your current configuation files on the C drive.
Are you sure you want to continue?
[Y,N]?
Type "Y" to continue, type "N" to cancel.
Drive C is now bootable and ready for installation.
6. Eject the floppy disk and restart the PC environment from the Control
menu (or
by holding down the control-option-del keys).
7. Insert the Windows 95 CD (not the Virtual PC CD)
8. As soon as the C: prompt shows, change to the E: directory by typing
"E:" (no quotes) and the return key (E: directory is the CD) .
9. Then type in "setup" (no quotes) and the return key.
This will load the Windows 95 installer. Windows 95 will auto-detect most
of the emulated hardware. If you have an ethernet card installed on your
Mac that you will be using, be sure that the ethernet controller in the
Virtual PC preferences box is enabled before starting step 2. Fill in
your "Certificate Of Authenticity" number.
At the end of the installation, it will ask you to setup your printer. If
you have a ink-jet printer choose the "Epson AP-3260 ESC/P2". If you have
a PostScript printer choose the "Apple LaserWriter II NT"
10. Once you've finished installing and have booted into Windows 95, shut
down Windows 95 from the start menu while holding down the option key.
This will shut down Windows 95 and bring up the preferences dialog.
11. Select the "Extras 2.0" (from the Virtual PC 2.0 CD) as the D Drive.
Click the "Restart" button. After Windows 95 has loaded, open the D drive
(from My Computer) and double-click "VPC20ADD.exe". This will install the
Mac Intergration files (sharing folders, mouse, synctime, etc.).
Notice that it refers to the VPC 2 CD (I've had it awhile). Since I have just used the upgrade path, I don't know if VPC5 CD has that OS_install image anymore. If it doesn't, PM me with your email address and I'll send it to you.
I know it works... I have 95 (and 98SE, 2000Pro, and XP) running on my DP800, and used the image to put all of them except XP in my VPC 5.02.