It seems like with DosBox and virtual machines you can run anything up to the original 3D accelerator era. And modern titles are by their nature a bit better looked after. But if you're talking about some of the first 3D games...then things are ugly. Virtual machines from vmware and virtualbox only sort of have virtualized 3D hardware. Not only is it crazy slow, it just isn't there and it probably designed for more modern uses anyway.
Modern hardware or its drivers seem to have stripped out a lot of the things they relied on. So if you don't have an older video card a lot of these games run with problems. So you either have to find a 3rd party patch for the game, or install an older card and dual boot to it at least. Since that card won't have any modern drivers for your OS anyway you'll have to dual boot to an old OS.
Two cool things that are out there now are DosBox having support for a emulated 3dfx voodoo card. I haven't tried it myself, but you can actually install 95 inside dosbox and use it. It seemed problematic and slow from what I was reading though, but exciting.
And then there is vt-d direct hardware passthrough to virtual machines. Unfortunately, this seems to solve nothing from my research. Getting it up and running seems to require video card drivers that are aware of it, and cards that have modern drivers aware of it are modern. ATI cards only have drivers that work with it starting with the HD2000 series. My experience was that the x1000 series were the last cards from ATI that ran old ass DX5,6 16 bit color games with little complaining. HD2000 and later hosed things up. Its even worse on the nvidia side, they only support passthrough on quadro cards. And probably only modern quadro, because modern Nvidia hardware also hoses up old games like that...starting with the 8000 series and maybe earlier with my experience.
I was going to test if I could passthrough a real live voodoo card to an XP VM though for laughs. I do have one in a box in my basement. Since its a weird secondary adapter pci beast I wonder if it might be able to work where other cards fail.
In the end its probably easiest to just dual boot or use build a old PC like in title.