Nope. It's just additional music tracks that play in various biomes.
Much like with every other mod, installing this mod simply requires you to extract the Kevin MacLeod Music Pack folder (along with any other folders) from the .zip file, and place it (or them) within the mods folder.
I'm not sure what you mean by "making a playable version". All I did was make a mod where new music tracks were added to each and every biome in vanilla Starbound. I'd personally say that it's been playable since the mod's release.
If everything seems confusing to you, then I suggest just installing the mod, and see for yourself.
Sorry. There's no plans to make a mod where you can play additional music tracks with instruments. I personally have no interest in this, compared to, say, working on new dungeons or monsters.
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