The Legend of Zelda: Collector's Edition contains complete, emulated versions of The Legend of Zelda (NES), Zelda II: The Adventure of Link (NES), Ocarina of Time (N64) and Majora's Mask (N64). It also contains descriptions of the games, a brief retrospective movie showing the history of Zelda games, and a 20 minute playable demo of the Legend of Zelda: The Wind Waker.
Because Nintendo elected to use software emulation as opposed to hardware emulation, the games suffer a small amount from lag and audio glitches -- occasionally, crashing completely. Despite the problems, however, both N64 Zelda's run on an upscaled resolution of 480p (instead of 320p). Majora's Mask had a notorious problem wherein it would crash completely and you would not be able to continue without restarting your game.
The Legend of Zelda: Collector's Edition was not available in stores; it was bundled with a run of GameCubes produced for the 2003 holiday season in North America. It could also be obtained by purchasing a special edition white GameCube bundled with Mario Kart: Double Dash. In the UK, it could also be bought out of the Star Catalog on Nintendo's website.
In the United States, players who already owned a GameCube could receive the Collector's Edition by registering their GameCube system along with two of the following games: Mario Kart Double Dash, Mario Party 5, Mario & Luigi, Superstar Saga, and 1080 Avalanche. Another way to get the disc was by subscribing to or renewing a subscription with Nintendo Power.