run 'em through ffmpeg to convert them to video for windows .avis, works like a treat
it'd take ages on an actual late-486/early-Pentium 1 era Windows 95 machine, but it'd work (just convert it on a newer computer)
ffmpeg.exe -y -i %1 -acodec pcm_u8 -vcodec msvideo1 -filter:v scale=320:240 -ar 11025 -r 15 "C:\Video Output\outhq15.avi"
remove the -r 15 if you don't need to save space (alternatively, lower 320:240 to something smaller if you need to save space, msvideo1 kinda sucks with file sizes)
can't remember how to bake subs in with ffmpeg though
there's probably a better format you could use too, but the best thing to do is just burn the episodes to CDs if you really needed to watch them on an old win95 machine with a fast 486 or better (and lots of RAM, like 32MB or so) and ignore the huge space problem and just convert them at 640:480