The Eye can be played on a WinXP computer if you use a program called DosBox. Playing works fine, including the sound. Under certain circumstances the sound is very messed up, however that is only the case during the in-game videos (for instance the video that appears when you die). This doesn't effect the game play at all.
I recently played the game for the first time in years, and I enjoyed it very much. The game has plenty of flaws, however all in all it's a fun game to play.
I wish they would make a sequel (with better voice actors), but that's not very likely, is it?