github.com/otya128/winevdm 16-bit Windows (Windows 1.x, 2.x, 3.0, 3.1, etc.) on 64-bit Windows
otvdm is an altered winevdm port that lets 64-bit Windows run 16-bit Windows programs. It pairs a CPU emulator with Wine-derived Win16-to-Win32 translation, since 64-bit Windows cannot modify the LDT, and offers installation and build instructions.
— via Hacker News (top 30), doener