Yes you can.
Don't bother with the floppy drive, just slot the cd drive into the laptop.
You may not even need to alter the boot sequence as most laptops will look for the cd drive first. So try it first.
Start the laptop with the 98 disk in the cdrom and see if it takes you start with cdrom support. If it does then pick this option. You should then get to a flashing a:\ prompt. type format c: after this.
a:\ format c:
This should format the drive and take you back to a:\ Now type sys c: after this
a:\ sys c:
It should say system transfered and go back to a:
Now change the directory to the cdrom, which should be e with the ram drive installed.
then run setup
This should start the windows installation.
If it does not boot from the windows disk then change the boot order in the bios so cdrom is first boot.