And no- the entanglement cannot be used to transmit information faster than the speed of light... You wouldn't be the first to think so, I have had to correct colleagues here on this...

The particles wavefunctions are viewed as collapsing at the same time no mater the distance between them, but that is no help in transmitting information faster than the speed of light.

If you create an entangled pair of particles such that one must be 'spin-up' and the other must be 'spin down', and you transport them (at sub light speed) so they are 1 light-year apart, and you measure your particle to be spin-up, you know instantly that the particle a light year away is spin-down... but that in no way helps you to transmit data faster than the speed of light...

(I actually have a fun alternate interpretation of what happens that makes for fun sci-fi, maybe I will get into that another time...)