Could I read file from my pc running windows XP with NTFS5 file system, from a machine under windows 95 on the same network?

Yes, you can do it if you configure networking properly — i.e., create a Network Share on WinXP for the folder where the file is located and assign proper access rights to the share.

After performing these steps, if you can locate the WinXP machine across the network, you'll be able to see this network share from Windows 95 and access files inside.