re: Questions
I think it will orbit Earth and each orbit will get slightly higher than the previous one, as the probe gets more and more speed. At one point, it will reach the Lagrange 1 point between the Earth and the Moon, and then will get into its gravitational influence rather than Earth's. Those L1 and L2 points are very interesting as they allow for natural celestial bodies to change orbits! That's how SL9 got caught by jupiter Lqs and also perhaps how the Earth caught the Moon, if the capture theory prevails.
Raoul