USB BDM Multilink is for programming/debugging the hardware. If you just want to run a simulation you must select Full Chip Simulation under default connection.
You can open a Visualization Component (in a debugger window select Component->Open->Visualization) which will allow you to do some circuit simulation (e.g. LED light, dip switch). However, I found it easier and faster just to set some variables to watch.
I would recommend buying a book or attending a Freescale Technology Forum as they have lots of training sessions.
And altogether it would be easier to start with a demo kit with some sample programs.