In my search for the answer to this new promlem, I have come accross the same problem many times, mostly relating to Windows NT.
I was given this laptop as it wasn't working, I don't know what the OS was before, but I guess it was Win95 because of the specs, "P75, 16mb RAM, 810mb HD, 1mb Graphics, and no CDROM"
When I turn it on I get the option to go into the bios settings at this poing the light goes on, on the floppy drive and it makes its noises. It then goes on to the next screen and again serches for the floppy. I have tried it with a DOS 6.2 setup disk, a Win95 boot disk and a Win98 boot disk as well as other boot disks and with all of them I get this message "75 MHz Pentium Processor, External Cache: 256K Enabled, BOOT: Couldn't find NTLRD, Please insert another disk" at this point I have to reboot to get it to do anything.
I have tried disabling the floppy from the boot sequence and the same happens without it checking on the floppy. Just don't know what else I can try.