Could be a problem with the boot disk.
Win98 boot disks include a generic CD driver to facilitate basic read functions for the machines CD unit.
It's possible for a Floppy to become corrupt, sometimes just by getting old.
Format a fresh 1.44mb floppy.
Download a fresh copy of Win98 boot disk from:
http://www.answersthatwork.com/Downright_p…s_bootdisks.htm
Copy the Win98 (you probably use Win98SE) directly to your freshly formatted Floppy.
Use it to boot to Run with CD Support.
If that doesn't help, you may have a connector or hardware issue.
Consider opening the case to verify that all the connectors are snug.
If the connectors are snug, but the machine still does not recognize OEMCD001 driver, the drive unit itself may be defective, or equally possible, the Power Supply (PSU) is faulty.
If you have an extra CD ROM unit or can swap one out of another machine, try that.
Power Supplies have to work hard all the time and do wear out.
If you purchase a new one, select one that is rated with a larger Watt output than your original.
For instance if your original equipment PSU is 187watt, get a 250 watt.
Nobody like to have to buy hardware when they were hoping to fix their machine with a software re-installation, but you should be able to find a good selection at reasonable cost from:
http://www.newegg.com
http://www.tigerdirect.com
Let us know how you are progressing.
Best Regards