hi,
Never, never ever use RAINE if you develop for the real hardware, this has caused me a lot of problems and headaches. this emulator is only designed for gaming. it didn't respect many limits, timing is different to real hardware and it molds many bugs which can later lead to problems on real hardware! use MAME instead!

i personally recommend this version: mameui-0-202-32-64-bits-no-nag-including-mess (uptodate without any nag-screen)

just copy the files *iso, *cue and *wav into the folder ROMS (incl. NeoGeoCD Bios) and start (*bat) with 'mame64 neocdz -cdrom ROMS/DEMO.cue'.
switch to mame before you look for errors!