If you use no follow will Google pick it up? I believe there code looks for 'Rel: no follow' or something like but in the code there is only a 'nf' to represent no follow?
http://www.w3schools.com/TAGS/att_a_rel.asp Nofollow is some sort of "standard" for SEs (specifically Google) to not crawl after that link. So I guess is that there is no abbreviation for it.
Yes all search engines will. The nofollow attribute essentially means you do not vouch for the website you are linking too, so SE's wont continue on to crawl them. However if every outbound link on your website is nofollow you can lose rankings, you need to have a good combination of follow and nofollow links.