1. Select the language internally via the bios screen
2. 360 pad I take it rather than an xbox pad, make sure you have setup the pad plugin correctly, I also heard that some users are not using the basic HID drivers that allow the pad to work with everything, not even sure how they are doing that I thought they just detected as HID and that was it, personally I don't like using 360 pads anyway though in favor of PSX pads via a simple USB converter that go for very little now (the converters not the pads)
3. use
http://pcsx2.net/compatibility-list.html that will eventually take you to
http://forums.pcsx2.net/Thread-Suikoden-V-SLES-54087-E
There are no settings notes for the NTSC-U version but it is listed as working anyway the setting thread is for the PAL version, but the game should boot with basic settings anyway (try both quick and slow boot options, don't remember the exact way they named/listed those)
3.more I am going to guess that you don't have an iso yet and the file/files you do have are compressed files to be extracted either that or you extracted the contents of the iso instead of the iso file itself, either way pcsx2 runs iso files.