After a bit more digging, seems I need to correct myself.
Nashville was to be Windows 96. This is the version that was canceled.
Memphis was to be Windows 97, but the release date was pushed into 1998, therefore the name was changed.
As to the version on the pirate markets, while labeled 97, it's unclear if those were modded 95 versions with the 96 upgrade or early versions of 98 when it was still called 97. As I don't have a copy of it, I can't look at it and see.
I did see a few days ago that Windows 7 RC is already on the pirate market though. That was fast. But that's how that stuff goes over here.