Well the default module would be vanilla ToEE I suppose. That will be patched to whatever level you patch it or purchase it at. Co8 recommends Atari patch level 2, but if you were going to play without Co8, you might want Atari Patch level 3.
It will be unresponsive for a potentially long time while it activates the selected module, as stated in the popup box. You have to let it do its business until it says it's done - usually takes me about 7 minutes for an NC module, 5 for a standard.