I think it actually installs a plugin in PS. But, the plugin shouldn't allow you to actually change anything much (fine tune WB or exposure). Although you could use some of the tools built into PS for that purpose.
Yes, if you can open a raw file, you can save it as JPEG. You'll need to flatten your layers if using layers, and change from 16 bit to 8 bit (under Image, Mode) before the File, Save As JPEG choice is available (unless you use save for web, which strips out the EXIF).