"while initializing device ios: windows protection error. you need to restart your computer"
That sounds like the old Windows 95 AMD problem (Microsoft never used the word 'bug', although it undoubtedly is), full details of which can be found here.
http://support.microsoft.com/kb/192841Bascially, the problem centred around the AMD K6/2 and Athlon processors and how certain Windows 95 drivers behaved. Although the problem was 'fixed' for Windows 98, I do not know if AMD ever did anything their end. It was certainly still present with the Athlon XP series of processors and could well still be in the current AMd product range. On the above link you will find the download that updates the affected files to fix the problem and instructions on how to install them.
I have an AMD PhenomII processor and a Windows 95 VM . Before installing the update, If I ran the VM with hardware virtualisation disabled the machine booted and ran happily. If I tried with virtualisation enabled I got the IOS error. I have now installed the fix and it boots fine with virtualisation disabled or enabled. Installing the update was not straight forward on my machine. I do not know if its a general problem or specific to my setup, but Windows 95 refused to read the floppy or floppy image I created with the fix. To get around this I simply restarted in DOS mode and copied the disk by hand to the Win95 virtual hard drive, then started Win95 in safe mode and installed the fix from the hard drive without a hitch.