No, you need to verify the account through credit card, debit card, or bank account before you can send money to anyone. You can receive any amount of money at any given time though.
no because they set it up so that you wont be trafficking money like lets say you scam some1 they cant recover money because you have no funding source on file and once you send the money it will be gone from the original owner forever.
Chances are Paypal will limit your account if you receive any large sums of money into it, however. So I recommend receiving the money, then withdrawing it afterwards to guarantee your funds. You may need a bank account to withdraw your money to.