I think it is runnable, with dosbox and a couple of patches. But then, you'd most likely need to patch Morrowind and Oblivion too - both are buggy as hell. It's kind of Bethesda's hallmark :-) Although still not as much of a patch-fest as installing the non-steam version of Stalker: Shadow of Chernobyl.

It's annoying that some games simply don't work on modern systems. The Bladerunner game from 1997 which is apparently really really good, is nigh-impossible to get running.