How to run old software that uses old libraries on a new distribution?

Many times we have old software that is discontinued or abandoned, yet this software is needed for some applications. The problem is that old software uses old libraries that are also discontinued. What is the best/proper/standard way to resurrect this old software? One way is to create a new root file system & switch to this root (I like this), other is to use other containers or VW.
Can someone point to the right direction, or drop us a link to the proper How To?