I managed to come across this link, which details some installation experience with Netware 3.12 on VMWare.

What is more interesting is that someone mentions that it’ll run on VirtualBOX!

So downloading their toolset and whatnot I proceed to install on VirtualBOX, and get a booting Netware 3.12 system using the ISADISK driver… I couldn’t find the IDEHAM thing but you get the idea, it actually WORKS!

I’ve got to admit I’m really surprised!  So for the heck of it I try the same disk image on Qemu and get…

The usual panic/crash after mounting a disk volume.  Its a damned shame, but hell at least there is something out there that can run Novell Netware!!!