Hi and welcome to RoM.
- In Beta state 2008 with full Live launch in 2009
- As suggested, it's not easy but yes it is possible
- No
- Yes and No, since Time and/or Money will both advance you, just one is more convenient
- I've been around since early Chapter II (late 2009) so am approaching 4 years in RoM and even though I've had the occasional break I still find myself coming back for more

You might also find the following helpful:
To add, as a new player it's easy to get carried away and want everything there and then, a large part of the game can be experienced without needing to spend ingame or virtual currency and will help you learn the game / your class which will prove valuable later on down the road. There are items that are as valuable endgame as they are when starting out, Mounts and Pets spring to mind as well as Wings. Quest reward gear will suffice for the most part and as previously posted joining a guild can help a lot, especially if you can find one with players in a similar level range to quest with.
You'll find a lot more specific info in the links I posted, a little reading now can save you a lot of head scratching later

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Happy hunting...