OK, so last week I looked on eBay for a gameshark 2.1 that I've wanted for a while. I bought it. Waited 5 days. Opened the box up. Put gameshark in N64 without a game. Nothing happened, the light on the gameshark came on though. Put in Ocarina of time. Turned on and nothing happened, the light didn't even come on! So to check if my N64 is working properly, I put in OoT by itself. ALL MY SAVE FILES WERE GONE!!!
I'm starting to think the guy sold me a faulty gameshark even though he said" IT WILL WORK OUT OF THE BOX". This is when I turn to ZU.
I bought a gameshark on ebay once too. It didn't work. Just forget about it dude. it's not gonna' work. I asked for advice on ZU too. I did, and I found out it wasn't my games. It was the gameshark. It was in the original box too. sooo...Just forget!
Maybe you don't remember, but I remember perfectly functional GameSharks doing this. You were always taking a chance on losing data or frying something, it was standard procedure.
In this day and age, I can't figure out why you'd want to run a real plastic and silicon GameShark when there are safer, more efficient alternatives (Hint: It's like an emu but with more letters and less bird).
I have the 3.3 pro, so maybe its difrent for 2.1 but heres my take.
The GS doesn't work unless there is a game attached to it. Thhats why just the GS wouldn't do anything.
OOT is also one of about 10 games that need to to activate a code to use it. You must first put in another N64 game (Starfox 64 for example), you then have to activate the zelda code, then turn it off, put OOT in, then turn it back on.
Like I said, I'm using a more advanced and newer version, so what I'm saying may not be true for your version. If it makes you feel any better though, I have deleted several OOT saves while trying to access the beta that is stored away on the gold cart, and have permantly ruined my copy of Super Mario 64 (It crashes every time you press the R button, since I was using a cheat that caused the collision detection to turn on and off when you hit R when the game got screwed up). For future referance, I suggest playing and beating the game normally before you try modding it, that way you aren't missing anything if it gets deleted.
I alluded to that earlier... With an emulator you don't have any hardware or save files on the line (You don't even need to have any of the hardware, which can be a bit problematic). Everything is reversible. Crashes are a lot less time consuming. Codes are a lot easier to work with as well.