yes you can but it depends on the Niche and competition, when you are going to target a specific keyword or phrase first you need to make an strategy.
Yes you can get good ranking with 2 phrase keywords. You will have to submit links into niche directories with proper keyword rich title and description. Submit your links in bookmarking sites and microblogging sites with your highly targeted keywords.
It is possible to bring out in a short period, if you have less competition. Otherwise it takes some time. Its all depending upon your seo work.
Yes it is possible. But it will depend on various factor like domain age, site's navigation, content, no. of backlinks and lot of things.
yep very much possible that's what i usually target, even one phrase keywords are possible they require different tactics!