I have SoftWindows 3.0 (an OEM version, it came with a Performa I once owned) here. It can run Win 3.1 (or 3.11, with networking additions, I don't remember which) out of the box, but you can make a new virtual drive as well, and install Win 95 on it. This makes it SoftWindows95, and the update is on the CD. Also, no serialnumber required for WIndows, it comes in the deal Insignia made with Microsoft, so you just get any Windows installer CD or diskettes and start running (crawling) windows.
It emulates a 386 or 486, so you won't be able to run win95 in 'extended mode', or however it was called.