It would have the same problem in 64 bit Vista. However, you likely had 32 bit Vista in the past, and 16 bit programs still worked.
Here's a guide: http://vogons.zetafleet.com/viewtopic.php?t=9405
I have noticed that dosbox seems to lack the stability required to make Windows 3.x gaming terribly useful, though modern VMs will probably lack stuff like joystick/gamepad or MIDI support. You can probably try yourself and see how it comes out, but DOSBox kept crashing or freezing on me when just messing with windows, but it could just be related to other problems. I did have trouble getting sound to work, as well. I could get MIDI out through an emulated MIDI port to a soft synth running on here, but no digital audio. Your best bet will probably be something like running Windows 3.x applications in Windows 98 in a VM, so you'll at least get software MIDI support, and you might be able to use USB gamepads through the VM's USB support in Windows 98.
Of course for Windows Entertainment Pack, this shouldn't be necessary. They'd probably work just fine in Windows XP. Mostly just for the sake of nostalgia I guess, but then why else would one play the original versions of these games? :p
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