There is a way to install Windows 95 without the Windows product key code. When the 'End User License Agreement' screen appears, do not press the 'Agree' button yet. Hold down the 'Alt' key and press the 'Tab' key to switch your current screen and search for a folder called 'WININST4.000'. In this folder you'll find a file named 'SETUPPP.INI'. Open it with Notepad and scroll down to the [Data] section. Modify or add the lines under the [Data] header to read:
Save the file then press 'Alt' and 'Tab' again to return to the 'End User License Agreement' screen and click on the 'Agree' button then click OK to continue the installation. Windows 95 will be installed without asking you for the key code.