The developer of Spybot (PepiMK) has posted in the past to say that Windows 95 should still operate, as is also indicated on the main web site, though the 1.4 version is known to have the issues mentioned above. Scroll down this page for a list of supported OS versions.
http://www.spybot.info/en/spybotsd/s...ossupport.html

However, as I've also mentioned in the past, the Windows 95 OS hasn't been supported by Microsoft for a couple years now and along with receiving no security or other updates, it was already known to have several unfixable security issues. Thus, for anyone to say that 95 is supported is merely saying "it runs" and means little else. Since there is no other support available to developers or users for issues with the OS, you remain at high risk.

The IE 5.5 version with Support Pack 2 has also been retired from even extended support on all platforms except Windows Millenium, which ends this Saturday Dec. 31, 2005 by the way. So there is no way for anyone to get any Microsoft aid, meaning no commercial developer would consider it supported. See the Internet Explorer section of this page for lifecycle info.
http://support.microsoft.com/gp/lifesupsps/

I'm not even certain that you can acquire a current antivirus or firewall product for Windows 95 any longer, which are an absolute necessity for such an unprotected OS. Continuing to use it places you at high risk of many types of malware which can Hijack your PC and/or put your personal information at risk. Even Spybot can only partially protect you from some of these malware since it's really designed to work with a fully patched OS and antivirus/firewall to protect you.

I wouldn't use Windows 95 on the Internet for anything other then casual open browsing with no personal information stored on the PC and absolutely no personal data entry on any web site. Please don't delude youself by believing Spybot is truly able to protect you under these circumstances, it's just not possible.