Running 16-bit setup program

Hallo I have problem running a setup for a program, the name of it is Philips FreeSpeech 2000. The readme of that program only mentions, win95-98 and nt so its kinda old. But still..
I cant get setup to run it basicly get stucks and does nothing, what I can figure out is that it is an 16-bit program.
All it does you can see in following pic:

I have read about on the net with google about 16 bit progams, trying to enable everything possible for it, but cant make it run more than that, I think I have all files required for it and right things in win.ini and system.ini and so on, but nothing happens.

A friend of mine also running windows xp had no problem running the setup and installing it, I have tried to compare all lines with him of previous mentioned files but still nothing. Any help?

 

I have the same problem with Sid Meier's Alpha Centauri. That same wowexec filename was showing up too! Did you ever get the program to install?

My CD just spun a bit and then nothing...