I works with a program called DXWND with a little tweaking but it feels more like an interactive screen saver than the Playstation game. I'm not sure if its runnable as you can just quit at any time during the game. Just an FYI.

To get the game running under DXWND make sure under the DirectX settings you set the Hook to 1-6 and the renderer to GDI, and that's it

Cool. I have used DxWnd with games before, but never tried the Teletubbies PC version. I was never entirely sure either whether the PS1 activities speedrun rules apply equivalently to the PC game.