There is a good 386 emulation software called DOSBox..
DOSBox link
I tried it on some older games I have like Lands of Lore and Dune2 and it worked well.
It is worth a shot if nobody else has a better solution.
Cheers!
P.S. in their screenshot section they show X-Com Terror from the deep. so I guess it will work.
[ December 23, 2003, 20:47: Message edited by: David E. Gervais ]