This is an amazing find. Some of the previous instructions did not work for me. Fortunately, the instructions I followed were simpler. Here's what I did:
1) Download the VDI file here and also VirtualBox. In Virtual Box, create a new Windows 95 machine. For the disk, use an existing drive and browse to the VDI file.
2) Download a CPU fix: My virtual machine did not start up because the CPU was too fast. The error message I received was: "When initializing device IOS: Windows protection error. You need to restart your computer.". We will need to apply a CPU fix for this.
Download the zip file at http://www.tmeeco.eu/9X4EVER/GOODIES/FIX95CPU_V3_FINAL.ZIP
and unpack it to get an ISO file.
(I found the link at: https://forums.virtualbox.org/viewtopic.php?f=2&t=82787
3a) Disable Acceleration: In the Virtual Machine settings in Virtual Box, go to "System", "Acceleration", and disable any checkboxes.
3b) Set the VM to boot the ISO: In the Virtual Machine settings in Virtual Box, go to "Storage" and click on the CD drive (or, if you don't have the option, add an optical drive under the IDE controllers). My CD drive appeared as "Host Drive 'D:'". Then, under the attributes section, click on the CD icon, click on "Choose Virtual Optical Disk File..." and browse to the ISO file you just downloaded.
4) Boot the VM: You'll see red text on black. Install the CPU patch.
5) Power off the machine, and remove the ISO file from the D: drive. Otherwise, it will keep on trying to install the CPU patch.
6) Restart the machine. Now it will boot. Expect to see a blank black screen for 1-2 minutes. If you get prompted for a networking password, click Cancel. Now you will be in Windows 95!