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What are these "Exams" you speak of? Stop daydreaming, grab your axe, and let's slay some goblins
Yes, it will indeed be ported to Skyrim. As of now, we are already working on what we can before the CK comes out.
There will still be one more release for Oblivion though, that should come out in the near future
Who knows if it won't be possible to mod co-op into Skyrim ;)
For now, we can only hope...
Yes, there is a playable version available.
Keep in mind though that it's still an early beta, and things like NPCs and Quests are not yet implemented on the current public version.
If you feel walking around middle earth just for the sake of it try out the current version ;)