You must not be reading the correct guide.. why are you trying to run worlddebug.exe in cmd..? You should run world.exe .....There should be zone.exe, and world.exe in the eqemu folder, if you are going deeper into the folder structure then you are not doing it right... Go to the main page
http://www.eqemulator.net and go to files, and download the binaries from there. What you probably have is source, which means you would need to compile everything. One you have the binaries, you will unzip it and see that you now have a world.exe and zone.exe to run... Hope this helps..