Hmm, wasn't that hard I thought it would be...
Using Windows 98 on Virtual PC on a (PPC) iBook G4 1,2 Ghz.
It's kinda slow though (emulation is P6 300 Mhz, S3 Trio 16Mb VRAM, 352Mb RAM), and you can't have music and sound effects at the same time (unless using an external player for music) but somewhat playable. I have the impression that FQM slows it down a little bit though...