This indicates that there is either a driver conflict that Windows 95 could
not resolve, or older sound card drivers are loading and presenting a problem.

1) Boot into Safe Mode. 
   a) Restart the computer
   b) Press [F8] as soon as the words "Starting Windows 95 ..." appear (BEFORE
      the Windows logo appears).  
   c) Select "Safe Mode" from the list of options.

2) In Safe Mode, remove any older sound card drivers. 

Note: Never uninstall any sound card drivers that say "OPTi Sound System" 
      in Safe Mode (doing so may require you to reinstall Windows 95). 
      These drivers must be uninstalled in normal Windows.