FreeDOS
A group of DOS fans have created a free replacement for MS-DOS. Official page http://www.freedos.org
This system offer good backward compatibility with MS-DOS and some new features as long file names, VFAT and Fat32 support, limited NTFS support, live-cd.
Almost all DOS specific euphoria code appear to run well. You may need to disable EMM386 to avoid conflict with DPMI. The same as on MS-DOS, remember disable disk swap when you from floppy run on a system without hard disk.
The official Euphoria installer for WIN32 includes a DOS32 interpreter.
More info about DOS-only install on physical or virtual hardware: http://www.geocities.com/marcoachury/eudos