Okay this isn't really an area I know much about, so I may be wrong - hopefully Descartes or Ameesh can come along and clear things up. But here goes.
We can decompile any executable code, simply because if the computer can read it so can we. However, we can only decompile from machine byte code to the assembly language level. This means you'll see the code as one huge block of ASM with no defined start or end to procedures, no variable names, no comments...you're next to blind. So with enough effort you could possibly decompile even Windows XP, but the process of doing so would be defined as cruel and unusual punishment.
To make a long story short, you could do it - and the fact that it's probably a fairly small DOS program helps immensely in your rooting around in the code trying to put the pieces together. It's still going to be hell though.