With a T-score of -3.5 in spine, -1.3 in hip and degeneration of cervical discs, can I expect to live normally with medications?

Yes. The osteoporosis is significant and searches for causes other than just age is needed. Given your young age and advanced osteoporosis aggressive therapy is needed with meds and calcium/vitamin d. The joint pain can certainly be controlled with mild pain medication, physical therapy and attention to life style measures ( posture, etc).