>If a person installs Windows 95b then goes to the Windows Update site and downloads all patches and service packs do they then have all of the features that Windows 95c does?

Evan,

http://www.compuclinic.com/osr2faq/ for more than you ever want to know.
http://www.walbeehm.com/win95upd.html for more than anyone could ever know.
http://support.microsoft.com/support/kb/articles/Q161/0/20.ASP for the official stance. Not so informative.
http://www.windrivers.com/tech/tips/Nov98/index11.htm for the concise version.