Meh. I have gotten old Programs like Kasparov's Gambit, Grandmaster Chess etc. However Power chess I could not get to work. Still do not know why for sure. IMHO a 95 machine is probably the best way to go not worth it. I did find an old program that I like not chess related, called Starseige by Dynamix that had all the work done for me That I had been searching for a workable version at Dropbox that now works in win 10. Maybe I get lucky if I can find Power chess at such a site.
Hmmm. The original guestion was from 2013 and the OP probably isn't around anymore, but anyway.
Windows 95 programs run quite well in linux (eg. mint or ubuntu) using Wine. So I would recommend installing linux in a VM instead of trying to find a windows 95 .
Wine can run many programs really well from windows 95, 98, 2000, xp, vista and 7. And ofcourse many windows 10 programs work too
Also many old sierra games work in DosBox too. (if they are secretly dos programs that pretent to be windows programs)
WINE inside a Linux VM might work, but that's two layers of emulation (or non-emulation in the case of WINE, haha), so it would probably be a significant performance hit. You'd be better off running Linux natively (might have to dual boot) with WINE running in Linux.
However, running WINE in Linux is still a bit of a security concern, although the risk might be acceptable. The bad news is that I just checked the WINE compatibility list, and Power Chess 98 is listed as "Garbage" compatible.