Works fine in Windows 2000 with default configuration. Shortcuts do not work (more experiments may be required), so a custom CONF file may be recommended in the same directory for easy running.
However, the sound will not work under the default config.
Works fine in Ubuntu 8.04 (with sounds but without music) mounting cd-rom with mount d /media/RAYMAN -t cdrom. If you create CUE/BIN pair as described in cuesheet page, you'll be able to play the game with sound and music as well.