Answer to Question 1
It boils refrigerant at a low pressure and temperature to absorb heat inside and condenses refrigerant at a high temperature and pressure to release heat outside.
Answer to Question 2
Cold is not a substance or an energy form, it is the lack of heat. Heat travels from hot to cold.
Liquids absorb large amounts of heat when they boil off to a gas. Gasses give off large amounts of heat when they condense to a liquid. When something is boiling or condensing its temperature remains the same.
The temperature at which a liquid boils is controlled by its pressure.