Yes, I managed to do this on a machine that had an old BIOS, requiring 0->1 sector translation. It had no Windows partition at all, 40g hard disk with /, /usr, and swap. I made /usr part of / and installed sector translation, then used Linux to move over an entire Windows 98 setup from a completely different machine. It was very complex but the end result was seamless Win98/Linux bootage from LILO.
(It's hilarious to watch Windows 98 rebuild itself when grafted whole onto another machine. In the end it runs just fine.)