Okay, here is my non helpful answers....
1. Yes, there is a way to do that. You'll be able to watch TV and still use your computer like normal while the content plays on the tv. This is how my wife has it set up so that she can get something done on the computer and the kids can watch "Cars" for the bazillionth time while still feeling close to mommy. I believe the setting is to disable "true fullscreen" but it causes a bit of a "stutter" in your playback unless you turn Aero off..... I think
2. No idea.