Bean is correct. I fail to see how anybody could actually take that literally.
Ignore some of the others (like SilverStar). It does. There are plenty of clues to let you know that this game takes place way after Ocarina of Time (as JackKieser said, 100+ years), as it references the OoT storyline as mythology. You also get glimpses at a few different types of ancient technology, and, through subtle references, you really get enough information on the previous games that they tie together fairly well. Not everything is flat-out explained, though, as that was not necessarily TP's purpose.
What? It makes plenty of mythological references to OoT, including the same Temple of Time. It's just that this game takes place way after OoT, so the connections are more subtle.
Also, it's not meant to tie into Wind Waker directly. Injin posted a video awhile ago that theorizes on the overall Zelda timeline (released before Twilight Princess was out) that pretty much nails everything dead-on.
Oh, and yes to both questions, Megadave.