This is an “archeology” subject, but it is very interesting see the first Linux version running on Qemu:
There is a typo on tutorial, the right command to get it running on Qemu is this:
$ qemu -hdb hd_oldlinux.img -fda linux-0.01-3.3.img -boot a
This is too fast, maybe because there is nothing on this first Linux version, neither /proc exist.
Next step should be get it running on real hardware.