1. It might work, but no maker of an over-the-counter product is going to suggest that patients freeze their own genitalia without supervision.
2. It is not as cold as the liquid nitrogen doctors use.
3. Yes, which is not unreasonable when you consider that there are other bumps people get that aren't warts.
4, Blistering your penis and leaving long-lasting marks and not getting the job done.
5. I think you should not freeze your own penis. If it makes sense in your case, your doctor can prescribe at-home treatments (e.g. Condylox, Aldara).