Sure. See an orthopedist and get properly evaluated by xrays and physical exam. If necessary an MRI may be ordered. Many problems can be coorected or improved such as ligament injuries and meniscal tears. However, arthritis cannot be removed. Once present it tends to progress but proper intervention can help slow the progression.
See orthopedic. doctor for an evaluation.
Hard to say. Not all knee injuries are the same. Some will resolve without many long-term effects while others won't. What is clear, is if your knee is painful or it limits your recreational or occupational activities, then you should see your local orthopedist.