1.) A simple google serach would have given you this:
http://www.emulator-zone.com/doc.php/jaguar/2.) Download the emulator you wish to use and find out for yourself. Different console emulators often have different requirements.
3.)If you don't know if the jaguar is a cd system or not, then you obviously don't own one or any of the discs for it. Illegal activitiy is not discussed on these message boards. Yes you are missing something to run this emulator, namely any legal or moral claim to play the games.
Why am I "picking" on you?
You've asked about 12 questions this week about console emulators and you make it obvious in your posts that you are downloading whole torrents of roms and you have no legal claim to them, in many instances you don't even know anything about the original console.
For nearly a week I haven't said anything, but since no one else has clued you in......
This is not one of those "L33T ROMZ" forums. Please take romz kiddiez questions elsewhere.