Unless I'm mistaken, QEMU cannot use drive images from VPC images which are that recent. It can import images from older versions -I've got VPC3 images which mostly work with it- but not versions more recent than that. I don't know exactly why this is, but apparently somewhere along the line they switched the format to something QEMU doesn't understand.
This said, in some ways I've got the opposite question: I want to put a fresh install of Windows 95 on a blank QEMU image. I have a CD, but QEMU refuses to boot from it, and ripping the disc to an ISO doesn't seem to help. Any ideas?