I don't think at this point it would be considered pirating widows3.1 or 95. If i remember correctly after a certain age they release interest of sorts. That coupled with the fact that it's not even installed on a tangible machine....
I forgot. If you can install a 32 bit version of your os on another partition on the same computer it should work still. 32 bit versions still have the ability to emulate 16 bit stuff. Although some of it is a bit buggy...