Quick Answers:
No, Cheats in wow can get you banned, so be careful.
Yes, There is a high probability that you will get banned or atleast suspended for using cheats or exploits (if caught).
Useful cheats? Fishing Bobber, but currently there aren't really any real good cheats for wow out there to assist you.
Gold Cheat (Lag dupe) did work when the game originally came out, but currently does not work. The person that runs the wow gold dupe site knows this, but figured some idiots would still pay him money for it, so why not keep it up.
As for most other cheats you hear about for wow, which are suppose to increase either money, stats, or exp are normally a scam. Besides macro process programs (Example: wowglider), but if caught kiss your sorry account arse good bye.
Any more questions, in which I may offer some elightenment on?
