I disagree with Bunni's response - Front Page discussion webs are SIMPLE to setup! Besides, Bunni failed to address your questions directly. CGI is great, but there are a variety of productivity tools out there that don't require coding - i.e. Front Page.
Response to question one:
In the web where the discussion web was created, a folder bearing the name that you gave the discussion web during the setup wizard was created. This folder contains all posts to the board. If you click the FOLDERS button on the VIEWS bar, then click the discussion web folder in the FOLDERS LIST, Front Page will display all posts in the CONTENTS window - this allows you to view not only the filename of each post, but the title [subject], time, etc.
Posts can be edited/deleted/etc. from this view.
Response to question two:
To answer [reply] to particular post, simply follow the REPLY hyperlink at the top of the page, under the header. This provides a "threaded" format.
Hopefully this helped, albeit very untimely.
BobClone