No, you can't intercept it, you can only recover it, because lost lateral passes are ruled as fumbles.
Yes, if you catch it before it hits the ground.
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Lateral..
A Forward Pass is passing the football to a teammate in front of you. A Lateral Pass is the player carrying the ball passing the football on side or behind him/her.
About 20 minutes
The English Football Association created the first widely accepted official rules of the game in 1863, dubbing the game association football. These rules were known as the "Laws of the Game."
It is basically both a game and a sport.