For Win7/64: Copy all the files from a working installation. Put them into identically named drives and folders on the destination machine. Run it! This really does work: I have been using AV 3.3 in this mode for the last eight months. This is the fourth or fifth migration of this sort since the last official install I did about a decade ago. Also working is Spatial Analyst 1.1, which I have not installed from CD in about 14 years.
I also tried the Windows VM solution (which emulates Win XP/32). It's awful: there's some kind of incompatibility that causes AV to hang after a fraction of a second and wait for user interaction. If you keep waving your mouse over the window, it will keep chugging away at a redraw or table processing, but it's still incredibly slow. After hunting the Web for a few weeks to locate a solution, to no avail, I gave up on this kluge.
If you have problems with reports of missing DLL files after the migration, please see this answer by klewis for a potentially simple fix. You might also need to migrate special files installed by your ArcView extensions if they placed them in idiosyncratic locations.