You can play the game like normally, with the exception you will share all your daily experience with the community. You can do all the interactions all the sims can do, but you cant affect the other characters with your actions, without their permission. You make a day in game like a day in real life, eg. go work will take 8 hours long.

Then none will happen, we will skip the progress for that sim in the daily update, and you need to update every day, becuase all the characters progress must be sincrhonized.

No you cant, we will give you 1000 simoleons to start, and the only way you can get money is by trading your objects, becuase you need to buy all your stuff and you need to work to get money, you can do cheat in you game, but the master neighborhood will check only for daily legal progress to allow it in the update of your sim.