Yes it is possible. But page rank is just one thing. It should also be relevant, non spammy, and does not violate Google webmaster guidelines. Signals related to linking are a part of greater criteria because search engines also measure visitor interaction so be sure that people can access your link easily and that they don't hit the back button once they land on your site. This is why relevancy and valuable content are crucial.
Since they share the same IP address and domain name which both indicate a common owner, there would be probably not more benefit than linking from within the same subdomain, which is minimal.
There is some strengthening of page keyword identification from anchor text in internal menu links, but probably little effect from duplicating such links.
I don't see why not. It should count if you are linked to a high ranking page. Try going to squidoo.com.com/the-easiest-way-to-make-... Then go to the link Magic submitter.
Yes, you can.
If I am linking a link back to my site from a subdomain name with a mid (3,4,5) page rank, can i get linkjuice? Or would it not count?