Not sure where to start but here are a few answers.
Most of the content up to PoP is playable. It isn't complete (missing a few quests and mobs in places) but playable.
To play on a private server (what you talk about doing) or on a public server you will need to install the game from the Everquest Titanium CDs. That is basically the only version that currently works with the emulator.
Here are a few links for reading that will help get you started.
Playing on a public server:
http://www.eqemulator.net/wiki/wikka...akka=PlayGuide
Setting up a server on a Windows XP box. (You will want to configure it for MiniLogin)
http://www.eqemulator.net/wiki/wikka...ka=ws992mysql5
Also some good reading (some of it is outdated)
http://www.eqemulator.net/wiki/wikka...CategoryServer
I would recommend playing around on some of the public servers to see if you like it before spending the time to setup a server.
If you are looking for a server that is really close to live I would recommend trying PEQ The Grand Creation