Yes, You can. You can obtain information from Rockband.com. Tools used are Reaper, Magma (Rock Band Link to Xbox 360 tool) and a subscription $99.00 per year to have the ability to publish to the rock band creators network. One thing, even if you are doing it for fun, it seems like you still need to join the creator's network to "enable" the Magma linker tool and allow copying songs to your Xbox 360 to demo in audition mode.
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The Commitments did a version for the film
run to the hills, iron maiden
Yes it is. However, you have to own Rock Band 1 in order to export it into Rock Band 2. Importing almost all Songs from Rock band 1 will cost you only 400 MS Points or 5 Dollars / Euro, dpending on the system you use. To answer the question precisely: No, Timmy & the Lords of the underworld is not featured in Rock Band 2, but in Rock Band 1.
If you are talking about the rock band commercial, then the song is Highway star by deep purple.
To delete a band, you have to get rid of your existing account and make a new one. You'll lose all your progress.