"The crankset is what I believe is the original stock...I'm assuming it is Shimano exage trail 28 x 38 x 48 biospace 175mm (by the way, what does this all mean?? can someone break it down for me?) "
It mean it a triple crank , 28 is the granny gear the easier gear for pedaling(great for climbing hill ) 38 is the middle gear ( the one you will be using the most ) ,and the 48 is the biggest gear good for riding on flat or level ground .( to go fast ).
biospace mean the chainrings (gears) are not round ,when you look at them they look sort of egg shape . Every so often a company try to sell them and tell people it make it easier to pedal thou the death spot ( at 11 and 5 on the clock ) as you ride the bike . And 175 mm is the length of the crank from the center of the hole ( where it mount onto th BB axle ) to the center of the hole where the pedal mount .
1 . yes it should work , the only way to know is to try it . by the way the crank set is for a mountain bike and your cassette is more for a road bike
2. for being a dura-age cassette you need a dura-age chain .
3. because the crank is a triple , you need a long cage derailleur so it can take up the chain stack when you riding in the small chainring .