WINE, a MS Windows emulator for Linux, is still not ready for general distribution. If you want to contribute to its development, look for the status reports in the comp.emulators.ms-windows.wine newsgroup.
There is also a FAQ, compiled by P. David Gardner, at ftp://metalab.unc.edu/pub/Linux/docs/faqs/Wine-FAQ/.
In the meantime, if you need to run MS Windows programs, the best bet—seriously—is to reboot. LILO, the Linux boot loader, can boot one of several operating systems from a menu. See the LILO documentation for details.
Also, LOADLIN.EXE (a DOS program to load a Linux, or other OS, kernel is one way to make Linux co-exist with DOS. LOADLIN.EXE is particularly handy when you want to install Linux on a 3rd or 4th drive on a system (or when you're adding a SCSI drive to a system with an existing IDE).
In these cases, it is common for LILO's boot loader to be unable to find or load the kernel on the "other" drive. So you just create a C:\LINUX directory (or whatever), put LOADLIN.EXE in it with a copy of your kernel, and use that.
LOADLIN.EXE is a VCPI compliant program. Win95 will want to, "shutdown into DOS mode," to run it (as it would with certain other DOS protected-mode programs).
Earlier versions of LOADLIN.EXE sometimes required a package called REALBIOS.COM, which required a boot procedure on an (almost) blank floppy to map the interrupt vectors (prior to the loading of any software drivers). (Current versions don't seem to ship with it, and don't seem to need it).