Concerning question #1, you have to create a universe and then import boxers from the pool. There's no media element to hype fights, but you should look at the "Inside the Ropes" thread and see how the forum members run their universes. You could post press conferences or new articles, and add your graphics. The only limitation would be your imagination in the end.
Your first step is to visit the link below and download the game manual--Unfornately, it's for the 2.0 version so there are a few things that aren't explaing that are present in the current version. Still, it will provide you with most of which you need to understand and enjoy the game. There's also additonal photo packs and ratings of fighters not included in the game pool. You should visit the "Mods" section of this forum. There's also plenty of pictures and rating there as well.
Here's the link for "Cornerwork".
Cornerwork - Home