Use Eternal SPU for sound, Pete's OpenGL for GPU and either Pete's or the internal cdr plugin. Agree with Evil Squall, add the -cdinc parameter to the command line to avoid the typical F7 problem. Look the readme files for info on how to configure these plugins properly.
-cdinc is a debug parameter which helps some games. CC has some problems when someone joins your party, or when you use the teleporter. Until some time ago, we used to press F7 to get past those problems, but lately calb told us that if we added -cdind to ePSXe command line, the problem could be solved. And indeed, it does.