4. It does not effect torque values the way that grease does. I have seen torque specifications for parts that specify two values one with grease and one with out. I have no idea how valid this point really is to be totally honest.
The reason that there are different torque specs for dry and wet threads, is that the tension on the fastener (and thus the clamping force between the two parts) is established by the friction between the bolt and nut (or threaded hole, as the case may be). Basically, once you get that bolt finger tight (assuming clean threads with no interference, no gap between the parts, etc), you have taken up 100% of the free play (so to speak). Any further turning of that fastener will result in the fastener stretching. That stretching is what creates the clamping force between the parts. There is a mathematical relationship between torque on a fastener and the amount that it stretches.
If you add anything to the threads that will reduce that friction (oil, grease, anti-seize, loctite, water, plating on the fastener, etc), it will reduce the amount of torque required to achieve that same amount of stretch. Remember, it is the 'stretch' that establishes the clamping force, not the torque. So, if the threads are dry and you need 75 lb/ft to achieve a certain clamping force, then you lubricate the threads, you may only need 60 lb/ft to get the same stretch (clamping force). Going to 75 lb/ft with those lubricated threads will give you a higher clamping force - which can warp parts, strip threads, etc.
This is the same reason that coarse threaded bolts have to be tightened to a higher torque value to achieve the same clamping force as fine threaded bolts. The finer thread pitch reduces friction.
Each chemical will have a different effect on the torque/tension relationship. There are some tables out there that break it down pretty far . . . but for most automotive applications, you can lump most oils and greases into one category.
** on edit - I should add that this is a very simplistic view. Lubricants (or lack there of) are just one of many factors that go into the torque : tension relationship.