You can check the state of the feeds on http://www.openvix.co.uk/
RED = unstable, GREEN = stable
Just because it's set to RED doesn't necessarily mean it shouldn't be used, just that there's probably a new build that hasn't been fully tested yet.
To allow unstable updates:
Menu -> Setup -> System -> Software Update -> Allow unstable updates = yes.
As for 2) That's the software update icon.