I know this may not be a big secret but I had a hard time reaching this solution. Previously, I was trying settings with Virtual CD emulators that will allow playing CD audio stably but all of them freezes MDB in a short while. Alcohol 120%, Daemon Tools, Nero Imagedrive and Virtual Clonedrive were tested. Worse, Virtual Clonedrive does not have CD Audio support.

But I finally found a way even without a CD emulator. I’m pleased to report that _inmm.dll works in an emulated Windows 95. The best tutorial of its use that I found is through this link: https://www.play-old-pc-games.com/compatibility-tools/_inmm-dll-tutorial/

There are a few points not mentioned in the tutorial (as it’s aimed for later Windows versions):
1. If you plan to convert the audio tracks in mp3 format, you’ll need to download the Fraunhofer IIS MPEG Layer-3 Codec in the _inmm.dll page and install it on your emulated Windows 95. This is because Windows 9x didn’t come with native support for mp3 files.

2. Playing CD Audio through mp3 can take a performance hit on your game. For best performance, I recommend converting the audio to wav format but this has a downside of larger file size as wav files are uncompressed. If space isn’t an issue and you want your game to run better, consider this option.

Note that _inmm.dll doesn’t work for all games but at least there’s an option now. I’m still testing its stability but for now, it’s the one that let me complete the first level of Codename Tenka (with CD emulators, I always get to freeze MDB along the way)