This feature is available in all editions.
No. As part of the Lifecycle installation process, Lifecycle is is installed as a web folder immediately below the root of a web site (e.g., http://myhost/VersionOne).
We do not support installing the application as the root of a web site (example: http://myhost/). Likewise, moving it after it is installed is not supported. Attempting to move the application manually will produce unstable results, such as missing images and progress bars, and will jeopardize future upgrades.
However, we do support redirecting the web site root to the application URL. This allows users to use a simpler URL to access the application.