The game's installer is 16-bit, so modern systems won't let you install it. However, the game itself is 32-bit so it does run is you do the installation manually. The following method has worked on multiple PCs and operating systems.

1. Make a folder (eg. "C:\MasaMainio")
2. Navigate to Mulle Meck CD path, copy everything over from there to the folder you just created
3. Move all files from folders Data and Movies into the installation folder root.
4. Open MASA32.EXE (or your regional equivalent)