Which emulator are you using? I recommend ePSXe with Eternal SPU sound plugin because those are the only ones I got MTVMG to sound properly with. I didn't got any problems with it so far.
There is two PC versions of MTVMG though, but on Windows XP one of the can crash often and both have horrible controls and lot of essential keyboard shortcuts (such as CTRL+S for Save, CTRL+C and CTRL+V (paste)) are missing. A windows user will probably not find the PC versions of MTVMG user friendly, or may take a long while to get used to it.
As for what both versions are, there is of course MTVMG, also called Music 2000. And there is Music 2002: Club Edition. The second one works better in XP, doesn't require the CD to run like the first one and it has lot of new samples.