I've made a 700MB cd with Windows 95, 98, ME and 2000, so it can be done.... Just delete all the unnecessary folders. Win95, Win98 and WinME install folders and the i386 folder from win2k is all that is needed, then make the iso with cdimage.exe. It was a while ago, so I don't remember exactly how I did it, I just know it's possible... Follow the guide to make a multiboot-dvd, and use the operating systems you want, and then make a cd instead of a dvd.