Lyhyesti, kyllä, kyllä, ja ei.
En keksi parempaa pitkää selitystä kuin Madnessin sääntötekstin kertaaminen, joten teenpä vain sen. Madness on tosin muotoiltu hieman hankalasti ja jos sama ability tehtäisiin nykypäivänä, se tehtäisiin varmasti siistimmin. Tämänkin lopputulos on silti käytännössä "You may play this card for its madness cost at the time you discard it." (Madnessin reminder text).
Madness is a keyword that represents two abilities. "Madness [cost]" means "If a player would discard this card, that player discards it, but may remove it from the game instead of putting it into his or her graveyard" and "When this card is removed from the game this way, until that player passes next, the player may play it any time he or she could play an instant by paying [cost] rather than paying its mana cost. When the player passes next, he or she puts it into his or her graveyard." See rule 502.24, "Madness."