Yes.
Go grab DOSBox (
www.dosbox.com), or the Cocoa port of it Boxer (
www.boxerapp.com). Boxer comes with a nicer UI and a few Mac specific tweaks that let it run better.
Of course, this means that you'll be running the DOS version of GTA1 instead, but I don't think there was much of a difference between the DOS and Win95 versions anyways.
-SC