1) there's a tire 700x 26mm, will this fit into my 27x1 1/4?

2) 1 1/4 represent the narrow(thin, width) of the tire, right?
3) 1 1/8 must be NARROWER than 1 1/4, right? is 1 1/8 good width for racing?
4) If i get 1 1/8 width, then do i need to ge new tube? (mines is 1 1/8 tire)

i ask too much..lol sry
thx