OK, here goes...
As pointed out, Win95/98 cannot read NTFS without 3rd party drivers and NT4.0 and below cannot read FAT32 without 3rd party drivers.
There are however two more problems here. W95/98 cannot boot from NTFS, at all and NT4.0 cannot boot from FAT32, at all (also as pointed out). So, in order to have a dual boot say with W98 and NT4.0 (which is a pretty common setup), you need to set up your two disks like this if you want to use FAT32 for W98 and NTFS for NT4.0;
Primary disk, partition C: FAT16 (min 1GB)
Primary disk, partition D: FAT32 (the rest of the disk)
Secondary disk E: NTFS (the entire disk)
Install W98 on the C: partition (you don't have a choice
and store the programs and other files on D:. Install NT4.0 on E: and put the boot files on C: (maybe this is even done automatically, I don't remember). Then install the 3rd party drivers to be able to see the "wrong" file systems with each OS respectively.
However, remember that the drivers makes reading and writing slower so don't try to record on the NTFS disk if you're in W98 and vice versa. The drivers are only suitable for accessing the "wrong" disks (swapping files) but not for doing anything demanding. With this setup, I would suggest that you run your music software, preferably Lotus Notes through a 4th party driver;-) under NT4.0 and backup your files on the FAT32 partition.
Or you can format the entire primary disk as FAT32 and the secondary as NTFS and set up a dual boot with W98 and W2000 as W2000 can boot from FAT32. This is how I have my computer set up and it works like a dream.
/Ola