There is a possibility for 95, but not xp
afaik. Check out
http://bochs.sourceforge.net There is an installable in the wild with 95 and the emu on a few "not so legit" sites that claims the package is entirely freeware but I cannot confirm so wont post it here. Wouldn't think so as 95 hasn't been open sourced :P If you are a fan of another similar named forum as this one you can find it.
As to not enough hardware to run xp, I have a 486-DX4-100 with 8mb running xp (its a clock lol). Think our units outspec that so it could be possible with the right emulator, just not very prudent
namopereht