tor: Ah, that explains it. The error message you posted indicates that the files are 16 bit executables, which work fine in 32 bit versions of Windows, but not in 64 bit mode. I doubt that Windows 95/98 compatibility mode will work in this instance.
From what I remember it's not a Windows-related limitation, it's a limitation in the x86-64 CPU instruction set. (With a 32 bit OS you can only run 16 bit and 32 bit applications, with a 64 bit OS you can only run 64 bit and 32 bit applications)
According to Wikipedia, the game was released for Windows 3.x. This confirms that the executables are 16 bit, and is good news because:
- That means the game doesn't use 3D acceleration, so emulation/virtual machines should work well
- If you run Windows 3.x in a virtual machine, you only need a fraction of the drive space needed for an XP or Vista VM
- You can use Dosbox, which is a free virtual machine. Newer versions of Dosbox can run Windows 3.x (and 95 as well)