Richard Frazier, a New York City police officer in the 26th Precinct, is way out of his jurisdiction down here in this Gulf Coast town. And some would say that he is also way of out his league, challenging Roy Jones Jr., arguably the best boxer in the sport, for Jones's World Boxing Council and World Boxing Association light heavyweight titles. Frazier understands the skepticism. ''I'm a cop,'' he said. ''I don't believe too much.'' If Frazier were not the one fighting Jones, who turns 30 on Jan. 16, he would find it unbelievable that he is the No. 1 contender and in this position. Although he was a very good amateur boxer, winning three Golden Gloves championships, there is nothing on his professional boxing resume that would indicate that Frazier should be here. He has only seven knockouts on his 18-3-1 record. His most noteworthy opponent was William Guthrie, a former light heavyweight champion who knocked out Frazier in the sixth round. Frazier will probably suffer the same fate against Jones (38-1) in a scheduled 12-round bout that will be broadcast on HBO at 10 P.M. as part of its ''Championship Boxing'' series. On the undercard, Shane Mosley (30-0, 28 knockouts), the International Boxing Federation lightweight champion, will defend his title against Golden Johnson (15-2-2), a former short-order cook. With the vocations of Frazier and Johnson in mind, this show has been billed ''Law and Order.'' Frazier said his resume was light on quality opponents because all of the good boxers pulled out of bouts before signing contracts. Grant Phillips, Frazier's manager, said at one time or another that they had agreements with Michael Nunn, Lou Del Valle, Merqui Sosa and Dario Matteoni, but they all backed out. Murad Muhammad, Jones's promoter, made light of that. ''All these guys pulling out on you, you're a monster,'' Muhammad said. ''You'll have to prove it Saturday night.'' Frazier is in this position because Phillips and his promoter, Don King, know how to work the ratings systems of the various boxing organizations. Frazier benefits because this will be his biggest payday. His previous high was $12,000, and he will earn $350,000 for this bout. It is a pittance compared to the $3.6 million that Jones will earn for the bout. 00:00 Opening 00:20 Rick Frazier Story 04:41 Tale of the Tape 10:05 Introductions 15:09 Round 1 19:11 Round 2 21:55 Knockout. 25:28 Interview with Referee 27:20 Roy Jones Interview