Yes, Win95 runs under bochs. There's even sound! About all it's good for is for the 'neato' factor, or possibly to play Solitaire. But if solitaire is what you want, install win3.11 on bochs, it works much nicer. I myself did not install Win95 or Win3.11, but have used preinstalled images. I beleive Xport's release notes for bochs note the Win95 install, mainly that it takes hours. Good luck.
--falz