Outbox Messages

If you have a message in your PM Outbox that you typed out and sent, and it still has the big red "X" by it, does that mean 1.) that the person hasn't read it yet?, and 2.) that if you click the big red "X" and it deletes it from your Outbox, that it deleted it from their Inbox?

Yup, a PM is deletable by the sender until it is read. Once it's read, it can only be deleted by the recipient.