Unless there are special drivers from Acer, it won't work. Win 95 doesn't offically support USB. Upgrade to 98 SE, I'd avoid ME - it's slower.
As I've stated before, unless you absolutely need to have an external CDR/RW, get an internal one instead. They are cheaper and a lot faster. I recommend the Plextor 12/10/32A (IDE internal) which you can get for $240.