What you are talking about is a live CD versions of Windows 95 and Windows 98. I have come across attempts of that but I don't know if they work or not.
There are two other approaches that you might consider.
- If you have a big enough disk or disks you can install each Windows version into its own partition or disk. For example you could have a dual-boot computer that gives you the choice of booting into either Windows 95 or Windows 98.
- You could use a virtual computer for each version of Windows. Examples of programs you can use to do this are VMware and VirtualBox.
One time with VMware I had the following virtual machines:
1. DOS 6.22
2. Windows FWG 3.11
3. Windows 95
4. Windows 98
Note newer versions of VMWare probably don't support older operating systems. You needed to locate and download an older version of VMWare to run them.
If you just want to play around with DOS the easiest way to do this is with a program called DOSBox. It does a good job of emulating DOS and comes with sound support.
DOSBox
https://www.dosbox.com/
VirtualBox
www.virtualbox.org
VMware Player
https://www.vmware.com/products/player/playerpro-evaluation.html