it is shot with a hasselblad 500c/m, its a medium format film camera that shoots 120 film, versus 35mm film.
it was 650$, but that is a definite steal, and i love it.
120 development, i am not sure if shops do it (costco/walmart), since we don't have any of those around here, but i would suppose a photo lab would be the best bet, or you can always develop your own black and white if it is available in school.
film must be developed yes, they require film cameras, versus say a digital point and shoot or a digital SLR. self development is alot cheaper and much more sensable, but you cannot develop your own color film (i suppose you can, but it is very hard to master and requires bleach kits and all of that shit).
film cameras are extremely fun, definitely having far more fun then shooting digital now a days. you'll have to get a shop to develop your film if you chose not to, which can rack up in prices, about ~10$ i think it is to get a roll developed and scanned. you can always get a flatbed scanner and save some money per roll, but investing in photographic chemistry may be difficult, but a learning experience and cheaper for 35mm.
film is just more natural, more crisp (lolz no megapixels here), and far more of an experience/accomplishment when you achieve a rad shot.