Because win98 uses FAT32, absolutely.
You simply need to mount the partition. This must be done as root.
First, create a directory for it to be mounted in. This will be C:
Now, mount the drive (drive label may vary)
mount -t vfat /dev/hda /win98
See this for more information
Then, create, or move, your file:
mv BASEFILE.EXT /win98/path/to/TARGETFILE.EXT