You can just boot freedos to run them, it will execute in real mode which has the same cpu instructions as 40 years ago.
Nothing more privileged than ring 0 is required for that.
"v86" is what allowed real mode to be virtualized under a 32-bit OS. This is no longer available in 64-bit mode, but the CPU still includes it (as well as newer virtualization features which could be used to do the same thing).