I bought this game back in the day for Windows 95 or 98. The box says it was released in 93. I was thinking it might make a good Jaguar game, besides the obvious, of having "Morph" in the title. 
The gameplay is similar to Dragon's Lair.
It will run on Windows XP and possibly other 32-bit OS's. On Windows 7, 64-bit, I am running it in the free VMware Player. I tried the Microsoft Windows Virtual PC, but the video is choppy. Note: VMware Player requires an XP installation disc.
One thing I am wondering about is the video player resolution.
If you have any ideas let me know.
Enjoy!
Chris