Not really, no.
Via whole craploads of gyrations, registry edits, and praying to the correct deities on evenings when the moon is full, and the day begins with "T", you can probably get XP installed on an external drive.
95 and 98 would be even more problematic.
You could theoretically put them on different internal drives or partitions, though.
What games are you looking to play? DOSBox might be the solution you seek.