... first off start over and reinstall epsxe. Use the following drivers:
video- pete's d3d driver 1.76
sound- eternal spu plugin 1.41
cdrom- SaPu's CD-ROM plugin 1.00
that is what i used to get my emulator to run perfectly
as for the mds\f file,u can download a program called alcohol 120%(note that it is only a trial version, the real one u have to pay for). go to file\options\virtual drive\#of virtual drives = 1
wait for alcohol to apply the new settings
next go to My Computer and the virtual drive will show up as an extra cd\dvd rom drive. right click on it and select "mount image", locate the mdf or mds file and click ok\save or whatever it says. Finally, open epsxe and set the cdrom plugin option to read the cdrom from the virtual cdrom drive (usually ( e:\ ).
Now go to file\run cdrom and it will play from the virtual disk drive.
-I really hope i helped!-