http://bugs.winehq.org/show_bug.cgi?id=15781
--- Comment #6 from Stefan Leichter Stefan.Leichter@camLine.com 2011-05-18 11:57:33 CDT --- (In reply to comment #0)
Then, you have to set your Windows version to NT 4 with winecfg, else it complains that it needs Windows NT 4 or higher.
Just for the record. The installer does not work in NT4 SP6. I tried it in my VM. This is also stated on the download page. The note there says "Users of Win98/ME/NT4 should use the older version 4.33"