It is just the software. You get the software and a USB dongle that acts as the license key for the emulator. I used this back when I worked at IBM. Most peopl

It is just the software. You get the software and a USB dongle that acts as the license key for the emulator. I used this back when I worked at IBM. Most people just ran it on a ThinkPad running Linux. I ran it on a rather beefy tower system, as it was slow on the ThinkPad. We called the tower system, the baby z, and I took it and physically placed it inside of our System z. One day our CE asked why there was a tower inside of the System z. I told him that it was pregnant.