It is not possible to install it directly as a replacement for the Windows CE OS, as Windows 95 is only designed to run on x86 processors. It is however possible to run it in Bochs, PC emulation software that will run on a variety of HPCs. The setup process is rather involved and it will run slow as a glacier once finished, but if this still interests you, checkout Chris Tilley's article on the subject here:
http://www.hpcfactor.com/reviews/editorial/bochs-2-1-1/