Yes, it does

XP's essentially 2000 with pretty bits (in fact, windows 2000 was Windows NT 5.0, and XP is Windows NT 5.1 )

However, my experience with triple booting XP, 2000 and 98 wasn't great But you can just have 98 and XP co-existing. 98 will need to be installed on a FAT/FAT32 partition - don't let XP convert the partition that 98's boot files will be on to NTFS.