Is this an academic question, or do you have some software that needs Windows 98?
I think the biggest barrier to running an old OS on recent hardware is device drivers, or lack thereof. You might get Windows 98 to run on a Core 2 Duo, but if the default display driver can only do 640x480 (or whatever), it might not be very useful.
Windows 98 does run very well on modern hardware inside VMware Player (and I guess Virtual PC or Virtual Box). If you have older software that requires Windows 98, using some form of virtualisation software could be a good solution to keeping your software running.
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