If you limit your vcache to 2000 and use the /NM undocumented installation switch you can use 95, 95OEM, 95v2?, 98, 98SE and even ME with as little as 16MB of RAM. I have run 98SE on a 486SX-33 with 16MB RAM installed and configured in this manner and it runs, surprisingly, quite adequately.
However, don\'t try to use the Internet with an ISP that uses a lot of advertising popups!
If one chooses to use ME in this manner, you MUST completely disable the System Restore feature or it will really drag.