Yeah, really. I had already an old install of Windows 95, since DOSBox version 0.65. Obviously Windows 95's GUI couldn't be started;
A few days ago I booted up that install to see how far it would go with DOSBox 0.70 and I couldn't believe my eyes, I typed "WIN" (as I had limited Win 95 to not make the GUI start, since I knew it wouldn't work) and the mouse pointer showed up and so did, after a while, the rest of the GUI.
Issue is with the standard DOSBox build the only usable graphics card, as far as I know, is "VGA standard" which is limited to 16 colors/Monochrome with a resolution of 640x480.
I was adviced in this thread Windows 95 video driver to give a try to ykhwong's CVS build that seems to include all current CVS improvements among which several alternate VGA chipsets, such as Tseng ET4000, the one I used to have the minimum 256 colors to have Callus95 running. Running... let's say it "walks slowly".
That's a great result, considering that's not what DOSBox was thought for.
Sorry for the pics, I just began experimenting with imageshack. I hope these ones will show up clearer
P.S.: By the way I guess I posted it in the wrong thread