I don't know about a hack, but someone has made new installers for the Collectors Editions, XvT and XWA to allow installation on 64 bit versions of Windows (the original installers are 16 bit and therefore don't work). There's also a lot of work being done to update the ship models in XWA to more detailed versions.
I've also had the DOS versions working quite well using DOSBox, although they need a tweaked configuration and enough CPU cycles to run properly.
Its really amazing the longevity of these games, there are still a few sites out there that are still updated (although not regularly) that focus on the original DOS versions! There are only a handful of games I can think of that still get this kind of support. A while back I read some comments from a couple of the original X-Wing team and there were some brief rumblings of a new X-Wing game or a remake, but nothing seemed to materialise from it. I think it was around the same time they started to release some of the Lucasarts back-catalogue on Steam, but a change of management soon put a stop to all that.