Winnt32.exe Site

Short answer: No, not natively.

If you attempt to run WINNT32.EXE from a Windows NT 4.0 CD on Windows 10 or 11, you will see:

The version of this file is not compatible with the version of Windows you're running.

However, you can run it inside:

For educational purposes, you can still use WINNT32.EXE to install Windows 2000 inside a VM from a running Windows 98 VM—a classic multi-boot lab exercise.

From a digital forensics perspective, the presence of WINNT32.EXE or its artifacts ($WIN_NT$.~LS, $WIN_NT$.~BT, winnt32.log, setupapi.log, setuperr.log) indicates an in-place upgrade or a fresh installation launched from a host OS. Forensic analysts can recover: WINNT32.EXE

Malware authors historically abused WINNT32 to silently install malicious Windows images via the /unattend switch combined with /noreboot, then trigger setup via a scheduled task—a technique known as "WinNT32 persistence."

WINNT32.EXE is the 32-bit setup program used to install or upgrade: Short answer: No, not natively

It runs from within an existing 32-bit version of Windows (not from DOS). For DOS-based installation, use WINNT.EXE (16-bit).