If you didn't catch it earlier, Ross Ridge's homepage should be in working order now. His MyJEMM area here also features icons that you can use while playing Privateer in Windows (95/98/ME). Karl Frank suggested this additional tip.
myjemm _DOES_ work with the disk version of Privateer, but it is slightly more complicated to run it:
So to recap, this program allows you to run the disk and CD versions of Privateer 1 and Righteous Fire in Windows 95/98/ME. If you have 2000/XP, you'll simply get an error message. Strike Commander, Armada and Proving Grounds do not work because their implementation of JEMM is slightly different. If you're having problems getting your soundcard or joystick to work, check out Crius.net.
Edit: The newest version of MyJEMM is 1.4. Download it here.