I don't have a definitive answer to your first question. It has HDMI out, so it will work with any HDMI display, TV, projector, monitor or otherwise. HDMI does carry sound, but not all monitors and projectors support sound on HDMI, so you'll need to find out about the specs of your monitor. You'd need another adapter for displayport, VGA or DVI (other common monitor inputs).
As for your second question, it's simple. With this device plugged in, everything you see on your phone/ipad will automatically be mirrored on the screen. No special settings to change or anything. So, just play the video as you normally would on your phone with this connected and the picture and sound will be on your TV. Very simple.