Items 1 & 2.
If you create an "Image" (.tib) file of your hard drive with Acronis, this can be restored to your existing hard drive, thus overwriting its current data or, in the event of disk failure, to a new hard drive. This is an image of the entire drive - operating system, programs and your data.
The .tib image file can be "mounted" so that it appears as a separate drive in the PC. You can then 'drag & drop' or 'copy & paste' any individual file from the backup into your PC's normal drive.
The bootable disk you've created is a CD with which you can boot the PC and run the Acronis program, thus enabling you to restore the backup to the PC should Windows become unbootable. It is called "Bootable Rescue Media" and includes a full copy of the Acronis True Image program.