Win95 isn't dead I know several people who still use it (god knows why).
Yes it is. Microsoft doesn't cater for Win95 anymore. Not in terms of new software or for security patches. Win95 was officially retired last year (or the year before, I forget) so in my view, that means it's dead. Defunct. Past its sell-by date. Expired.
Why does mirc have to display your ip in clear veiw thats like having your bank account pin number stamped on your back for everyone to see.
I fail to see what the problem is. Provided you DCC to those you trust, keep up-to-date with your OS's security patches and maintain a decent firewall, your risk of being exploited somehow is minimal. Or at least about the same level as it is with you just merely being online at all (regardless of being connected to IRC or whatever).