Hi. Regarding your questions:
1. You can click the "Import content" button which can be found in K2 items administration list. This will import Joomla! articles to K2. For the reverse procedure you need to find an extension doing this. K2 does not provide such functionality.
2. Yes, when K2 is uninstalled all of it's data is removed.
JoomlaWorks Support Team
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Please search the forum before posting a new topic :)