Creatures can be regenerated although the enchantments on the creatures will still be destroyed by the Disk. Enchantments with regeneration abilities, such as Regeneration can be used before they leave play. [PPG Page 222]
The destruction of the disk is not a sacrifice. It is destroyed as part of the resolution if it is still in play. And it can regenerate from this if it was animated. [Duelist Magazine #15, Page 28]
Like all abilities, once activated the effect occurs even if this card is removed from play. [Peterson 1994/11/01] For example, if you Capsize the Disk it won't be in play when it resolves but its effect will still destroy everything else.
Guardian Beast can prevent this card from destroying itself. [D'Angelo 1996/11/07]
Note - The Limited Edition and Unlimited Editions were of type "Mono Artifact". This meant they tapped as a cost. See Rule G13.14.