1. If you have your own domain, plus "web hosting" services and you place you Wordpress blog on that hosting server then yes, you can do with it what ever you like. Yes, with Domain+Hosting+Blog on "your hosting account", yes you get the "rights".
2. Pakistan? Maybe, but you have to set up the site and "Apply" first,
http://www.google.com/support/forum/p/AdSense/thread?tid=4d6dae5591cb757d&hl=en
3. Cost Per Click is not something you can just "know". The advertise gets to say how much they want to spend, the relevance of the ads to the content and many other factors can play a roll in how much you actually earn.
4. Google outlines the payment options here:
https://support.google.com/adsense/bin/answer.py?hl=en&topic=1316579&answer=65090&parent=1250105&rd=1#1
5. Adsense is very reliable, along with many other Google products. The main point is having a quality site, quality content but absolutely abiding by the Terms of Service agreements or get banned, forfeit all earnings and denial to ever participate again perhaps!
6. Ads will run as long as the terms of service are followed, your hosted site is reachable and the adsense code is properly placed on your site.
7. Page Rank is a Google patented term describing the value of your site within their ranking system. Page Rank is calculated by Google's proprietary secret formula. The do not disclose all details. The best known way to raise your PageRank is with backlinks. However, no longer does just any backlink suffice. The backlinks must come from a reputable site of similar (but not duplicate) content and have a valuable page rank of their own. Link trading works but you have to be wise. You also need to ensure your Search Engine Optimization is up to par. http://www.seo-your-site.com/helpful-tools/
Page Rank is also factored into SEO, again - Google uses more than 200+ areas in which your site is scored and they do NOT disclose the secrets. They recommend you follow the Google Webmaster Guidelines and use their Google Webmaster Tools in order to manage your site.
Another tricks is to pay for Google AdWords in hopes your site gets seen quickly and then other sites will often start auto-linking to you creating real backlinks without you doing a thing.
Good luck, hope it works out for you.