You can use those Bitcoins, but you will have to transfer them to an exchange that supports Litecoins.

https://btc-e.com/
https://www.cryptsy.com/

Are two popular ones I have read about.   You can also use USD if you'd like and the exchange supports it.

The best way to increase it would be to find a pool with low fees.

Larger pools find more coins, but also have to divide them more ways, so IMO the size of the pool doesn't matter too much.

Solo mining could work for you if your hash rate is that high, but when solo mining there's always a larger chance of being unlucky and finding nothing.

All aboard the hype train.

CHOOO CHOOOOOOOOO

Back during the 1849 California Gold Rush, few prospectors struck it rich. Most of the people who made money back then were those who sold shovels.

With the huge demand for ASIC hardware, their profit margin is probably insane, and its guaranteed profit regardless of whatever bitcoin's value changes to.  Plus, if they don't sell it, I'm sure some rival startup would.

just your $2? 

I'd bet on more than 1 receiving wide-scale acceptance, but only time will tell.

I think with all the media attention that bitcoin received the last couple weeks that people are trying to find the next coin to get huge in order to get rich quick.