It's not a biggie to install it but you need firmware from the PUP-card and PIV to make it useable atm.

You can find a good how-to here : http://thomas-rapp.homepage.t-online.de/os41uae/index.html
The VRAM limit in PIV-emualation (4MB) makes the resolution rather limited if you are used to bigger screens.
The RAM limit is also a problem, but I know that Toni Wilen is working on a solution for both of this.

The how-to on the network section in Tomas page can be ignored now when later beta-releases of WinUAE emualtes PCI-bridge (just select GREX-PCI and RTL80xx).

Havn't tried if Wazp3D works since I'm not much of a game player =)

I only use it to verify my cross compiles, it's rather snappy on my i7-machine but I find 3.x much more familiar and fun to use when it comes to AmigaOS.