1) GIF stands for Graphics Interchange Format and was introduced to the world by Compuserve in 1987. To put that in context, that’s the same year that Johnny Marr left The Smiths, which was quite a while ago.
2) After much debate, the general consensus is that it should be pronounced with a soft J, like Jif, but the best people still pronounce it Gif with a hard G because it sounds better and makes more sense. You don’t say jraffics, after all and if you did, people probably wouldn’t want to hang out with you.
3) An animated GIF can loop endlessly, like this.
3.1) We post quite a lot of them on the Kitten Camp Tumblr.