win32pipe calls the `GetModuleFileName` Windows API to find the directory from which it was loaded and uses that to locate w9xpopen.exe (which is only needed on Windows 95/98/ME). `GetModuleFileName` does not work if win32pipe is loaded from an archive (i.e., bundle <= 2). This is because Windows has no knowledge of .pyd/.dll files loaded from archives because `LoadLibrary` is not called to load them.

In principle it should be possible to make this work. Since win32api.pyd is loaded by the `LoadLibrary` emulation, the loader code could patch the `GetModuleHandle`/`GetModuleFilename` functions to use the emulated functions.  Whether the result will be usable for what win32pipe needs is another question.