No this is a second hack that allows you to play games off the hard drive. You need The Homebrew Channel to install any of these hacks all it is is an exploit that allows code not signed by Nintendo. This is all the Homebrew channel does you can not play copied games with just the Homebrew Channel you can just install other software
You only need to launch the hack every time if you are on system menu 3.4. When I do Wiis I downgrade to system menu 3.2e and then install a program called Starfall which blocks upgrades from discs. If you have upgraded to system menu 4 you will have to wait anyway for a new hack to be written