Alerts webpart can be used as announcements, breaking news, reminder or any highlighted content to show users which is list based.
Yes (At least one list needs to be created. Fill in required information in this list and pass this list title as parameter in property panel)
Provide valid license key
Select the available list from the dropdown which are available in current site
Provide the number of alerts you want to show
Enter rotation speed value in milliseconds to rotate alerts (i.e 1000,2000)