1) Did you download and install the speech stuff from their website when you downloaded V.H.? If those are installed, it should default to using speech; if not, it'll do text.
2) Right below the "Session Presets" button there's a "Session Configuration" one. Use that to set up a new preset, or modify an existing one. I suggest loading an existing preset (the Load button is down on the bottom) and playing around with it.
3) It's one of the deepeners you can select. You'll see it when you do #2.
4) I use Goldwave. It's shareware, but as far as I can tell it doesn't expire, and doesn't limit what you can do. There's just a little reminder about it being shareware when you start the program.
I hope that helps :)