...is it even possible? Because I've been trying to install the drivers for the emulated adaptor card (DEC 21140, in Memphis Build 1351), and yet I get the "device failure" notice in Device Manager.

I also found a so-called "tutorial" on YouTube about how to enable networking in Virtual PC running Windows 98, yet this person didn't realize that it needs the actual network drivers, or it simply will NOT work at all, period.

So, is it possible, or is enabling networking and Internet access in Virtual PC just not possible with Windows 95 as the guest operating system?

you need the patched NDIS.VXD to enable networking on Windows 95 (not Memphis), I didn't try Memphis build 1351 on Virtual PC, as it does not work at all on Virtual PC for me, (it works great on VMware Workstation), and again, I suggest you use VMware for Windows 95 builds (from 431 to 950), and for 314 to 347 Checked, use Virtual PC 2007 (still use the patched NDIS.VXD)

Note: Networking works fine for me on Windows 95 with the AMD PCnet PCI/ISA adapter

Hmm? I thought everyone knows for it.... I just install vmaditions 2004 and everything is working great.

I've had no problems with networking at all in Windows 95 (original), it even ships with a driver out of the box. Try the 2004 Virtual Machine Additions though. If nothing works, you could try installing the Win95 driver from the GF10011.exe archive, although it should normally be superfluous.

I believe the network drivers for VPC's emulated network card in Windows 95 is actually called Intel 21140 or something like that, for some reason.

It IS the Intel 21140, but called DEC 21140 before 1998/1999.

Interesting fact...

It is because DEC was acquired by Compaq in 1998.

And later Compaq by HP.

Just install VMAdditions 2004 and it should work.