No, it keeps your save games but gets rid of anything you've done since last saving it. Just like turning the console off and on again.
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To delete a saved game to start a new game on the title screen hold up+select+B and it will ask if you want to delete the save file.
On the title screen, press Up, Select and B together. This will permanently delete your file.
No, I don't think there is a way.
To restart your whole game in Pokemon Black: 1.) Get to the screen with Reshiram (white dragon) 2.) Simultaneously (at the same time) press up on the control pad,select, and B. NOTE*** Once you have deleted the saved game, it can not be recovered. All Pokemon and items will be lost. ** This is why before I deleted the game I traded the Pokemon I thought was important with my other DS/ for Elite Four ;)**
you can not create another file