Thanks for the tip!
I managed to start the orion95.exe after creating a copy of the file "dplayx.dll" inside the folder C:\Windows\SysWOW64\ (for Win7 x64, it should be C:\Windows\System32\ under 32-Bit) and renaming it to "dplay.dll".
But I have yet to find a way to play it in window-mode.
The DOSBox version makes multitasking on an old single-core Athlon64 quite impossible unfortunately. The CPU gets maxed out by the game.
My graphics come out all pink n garbled :( , would prefer to play it in windows and not the shitty dosbox mode.