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1.) yes HBC/TW is need for homebre stuff it can be done on a modded and unmodded wii
2)if you use the HBC iso you do not need the TW hack BUT WILL NEED A MODDED WII TO RUN THE INSTALL DVD
3) .elf files are files that run when using HBC/TW you could look at it this way they are like .exe files but for the wii. Any appliaction you will get will be a .elf file.
4) wiiware is games made for the wii that can be downloaded via the shopping channel VC (virtual console) are old school games for the n64,snes etc that can be downloaded from the shopping channel and played on the wii
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