Summary:The DISC is an item located in the waterfall, this item has different properties, you cannot hold it, you can not use it. There is not spawn time and despawn time.
Everytime you pick a DISC you have a limited time before you drop it, making you take another one. If you brought the disc to the right place, which is the Radio in Tim's shack. It will play a sound. Currently, there is no meaning for the sound.
Note: You have 15 seconds to play the disk in the radio.
Near the DISC was another disc that is completely red. By pressing the Disc you are given a cutscene. It starts by zooming into the sewers until the camera reaches those mysterious red eyes that glimmer...
The red disc was removed as of the v2.07a update.
In appearence, it is very similar to Whitesnake's Stand Disc ability (F key).
Similarly sounds like a person tapping into a microphone or Made in Heaven's sound effect when you use time acceleration (Sounds like a sped up version of the sound.)