A virtual machine should work, but I don't know about the speed. One issue will be getting Windows 95 video and sound card drivers for your hardware, or for the virtual machine, although it may emulate devices that Windows 95 already includes drivers for. I have one old computer that I multi-boot Windows ME / Windows XP. If you have old hardware, you could multi-boot (using multiple partitions) by installing in order: MSDOS (with Windows 3.11 if you want), Windows XP, Windows 9X.
On a side note, I'm not sure about Windows Vista, but doing a multi-boot install of Windows 7/8 64 bit without it rearranging drive letters so Win 7 shows up on a renamed drive "C:", you need to start the install from an existing 64 bit operating system. In my case, I installed Windows 7 64 bit from Windows XP X64, ending up with a multi-boot Windows XP (32 bit), Windows XP X64 (64 bit), and Windows 7 64 bit (each on a different hard drive / partition). Although most video cards still include Windows XP drivers, some newer sound cards do not.