Mal Havoc,
I had the same problem as you did. I wanted to play my old Magic the Gathering and Chessmaster 6000 on my new WIN XP.
I read this page and thanks to DosFreak I got it.
Just download the software he recommended (VMware Workstation 3.1.1 build 1790 worked for me). It works grate from within WIN XP and you can then install a virtual Machine OS on your XP system (I installed WIN 98) and run all of your old games and applications. This does not require any changes made to your computer hardware or WIN XP configuration.
I have to say - THANKS - DosFreak !! You are the man
Good luck,
Fifo