https://totalizator.wordpress.com/2012/10/03/connect-windows-95-to-the-internet-using-linux-box-and-rs-232-serial-port-null-modem-cable/

How about connecting an old PC or laptop running Windows 95 to the Internet. No need for a NIC adapter or modem. All you need is a machine running Linux to share the connection, Point-to-Point Protocol daemon (PPPD) and a null modem serial cable.

Configuring pppd:

Edit your /etc/ppp/options to contain:

```	
nodetach
debug
dump
noauth
netmask 255.255.255.0
proxyarp
192.168.1.201:192.168.1.200
ms-dns 192.168.1.1
lock
passive
lcp-echo-interval 8
lcp-echo-failure 6
nologfd
crtscts
local
connect 'chat TIMEOUT 20000 CLIENT CLIENTSERVER'
115200
/dev/ttyS0
```	

Select a proper ms-dns and /dev/ttySx values depending on your network and hardware configuration. All the options can be also passed in command line if you prefer.


Enable ip_forwarding:
1

```		
echo 1 > /proc/sys/net/ipv4/ip_forward
```	

Start pppd by simply invoking it. Keep in mind that it will terminate every time the client disconnects. You can use the following script to restart it automatically:

```		
#!/bin/sh
until pppd; do
    echo "Respawning.." >&2
    sleep 1
done
```	

You may need root permissions for all the above commands.

Configuring Windows 95 is as simple as opening Direct Cable Connection, choosing the Guest mode and a COM port. Click Next and connection should be established immediately. You can even browse Samba shares right away. The solution should work in Windows 98 as well but I haven’t tested it. Happy browsing!