I have a shared disc and i cant launch the game it keeps on sayin Do you own this game or...

what do you mean by a "shared disc"?

It is in the drive but it won't let me

A disc from a friend

You need to have disc I'm the drive in order to play the game. If your friend now has their disc back, you can't play.

Just so that I am understanding correctly.

You have 2 friends that own a game one has a disc and the other is Game Sharing with the one that has the disc?

If this is the case.

1. Neither one of them own the game digitally so in order for either of them to be able to play the game they would have to have the game disc in the console and keep it in the console in order to play the game.

2. It sounds like you own the game digitally that is why you are able to play it unless you have the disc inserted into the console.

Yes, you need to insert the disc in order to play it, and you cant do that on a digital console, even if you have the game on another console installed with a disc drive. Likewise you cant game share physical media.