That is called the Run Box.
Your guess is wrong, Win98 does not have that file so it's no wonder you could not
register it properly.
Explanation of
Regsvr32 Usage and Error Messages
A more probable reason the WinUP site is not working for you is because you are probably
not using IE 5.50 SP2 or IE 6.00 SP1 which are now required in order to access the
Update site with Win98. Install either version of IE and use it for access to the
site and it should start working for you. IE only at the WinUP site - mozilla or
any other browser won't work there.
http://browsers.evolt.org/?ie/32bitMicrosoft IE 6.00 SP1
Download the updates and save them to CD so that you can update your next re-installation
of Win98 next time by going to the Windows Update Catalog site.