Double post!
You may try following scenario to run LMS (not tried myself yet):
1. Install Virtualbox from
http://www.virtualbox.org/2. Download Windows 98 Virtualbox image from any torrent site - go to
http://thepiratebay.org, enter search "windows 98 virtualbox" (yeah it's illegal, boo! Also notice how I'm not posting links to illegal torrents

)
3. Install it into Virtualbox - hit "New", in settings select "AMD PCNet II" as network adapter, select downloaded VDI file as hard disk, and run it few times - click Cancel when it tries to search for drivers, they are already installed - network will work after reboot. Do not click Internet Explorer icon yet - go to Control Panel, Internet Settings, click Connection, click Wizard and select "Connected through LAN". Then you can launch IE.
4. Install LieroX 0.56b from
http://www.lieroxfin.net/lataa.php?file=Liero_XtremePack_1.95. Install LMS from
http://lxalliance.net/forum/index.php?action=mgallery;sa=item;id=54706. If it will complain about missing .OCX file go to
http://ocxfiles.com/ , download it, copy it to your C:\Windows\System32 dir (inside Virtualbox, you don't want to screw up your Vista), press Ctrl-F2 and run "regsvr32 C:\Windows\System32\[your OCX file]" - it should pop up message saying "Successful".
I'll try that myself tomorrow, and report back.