hi and welcome here, to answer your questions:
1. there is a demo version of PPL 2.x avaiable and as far I know it's possible to execute code on your mobile device. so why not testing it out?
2. yeah you can make windows mobile games with PPL. if you want all features you will need the Swirl Gaming Library and Mobile SDK. see the
product page or
this thread for additional information.
3.
Xassar's Quest has been made with PPL 1.x to tell one example. kornalius can name you surley more if you are interested.
ps: you have a nice forum, I will bookmark it and rummage through it
