I came across this site the other day, and it has saved me the trouble of buying the Deluxe edition on eBay, and/or building a Windows 98 box...
http://perli.net/projekte/privateer2win95/
On that site, there is a patch, as well as instructions, on how to turn the DOS instalation disk into a Windows instalation disk.
Copy the first disk to a new folder on your hard drive, apply the patch to the folder, overwrite the files as necessary, and then burn all of the files (NOT the folder) onto a blank disk, and viola! Instant Deluxe Version of Privateer 2.
The second and third disks are apparently the same regardless of version, since I'm having no trouble transitioning through the game now, as it asks for each new disk.
