I have just recently experimented with running Wizardry games on my 1 Ghz Athlon on Abit KT7, 256 MB RAM, W98 SE and thought that perhaps somebody could be interested (just warning: I did not play any of the games for too long, usually just started and walked around for a while):
Nice utility, unfortunately freely available version 1.32 and deluxe versions up to 2.1 do not work on such quick computers (according to Moslo website there is limit 500 - 750 MHz). I have not found any suitable freely available alternative.
So: either buy newer version of MOSLO or use MOSLOWIZ from Wizardry Archives. This works ok. It is possible that you will have to specify slowdown for MOSLOWIZ in the starting BAT file (it tries to estimate, but sometimes it slowes down too little and game fails - better to specify numer).
The same goes for Wizardry 7.
BTW: MOSLOWIZ from Wizardry Archives is a very useful program: it can be used for other games as well. It checks whether it slows a Wizardry game, but there is nothing to prevent you for renaming let's say ULTIMA7.COM on WROOT.EXE and slowing down Ultima 7 as well.
2. Switch off the cache in BIOS
This worked for me, unfortunately it lead occasionaly to freezing of the computer after restart (even before OS started) and RESET was necessary. I could live with it, but MOSLO is more comfortable.
I think that freely available BOSCH emulator can run Wizardry 6 -I have not tested much, just started the game. It crashed on Wizardry 7. Since the speed can be specified, there is no problem in slowing down.
This is a nice commerciall emulator, fully functional free time limited trial version is available. It can run both Wiz 6 and Wiz 7, but you will probably need MOSLO (at best MOSLOWIZ from WA) since it is not possible to specify speed of the mulation. This could be solution for W2000/NT/XP users.
Recommendation: if you have by a lucky chance an ISA slot in your PC (I have it ) buy additional ISA sound card (I have both ISA SB compatible and SB Live 1024). Otherwise you will have to very probably live without a decent sound. Apart from cases when using ISA card I was able just to get music in Wizardry 7 in Virtual PC emulator. Otherwise nothing or just some crackling sound in speakers.
In W2000/NT you can try to use some SoundBlaster emulator (programs VDMS etc. - there is at least one commerciall and one freely available program). I have not used them but having experience with the above mentioned PC emulators, I doubt that it will be a big success.
DOS in WIN ME
There is a utility on Internet which enables to allow boot menu and booting to DOS in WinME (WinME DOS or what is its name). It works (I used it for a while), but I recommend you to use W98 SE if possible. IMHO this is the best OS for home use for somebody who wants to use both old games and the newest Windows programs.