might be yes but probably you will be suspended for CPU usage abuse by most providers. the best option at least is go for a VPS or even better a dedicated. if your site contents are legal then go with ovh kimsufi dedicated server as low as $25 USD monthly.
Can it handle 1000 visitors a hour, Yes it can however most likely result in your suspension. Of course it depends what package you choose I'm sure that there are company's which is specialized in high traffic websites. Remember most do not offer that! if you decide to stick with a shared hosting make sure to create daily back-ups.
It is possible on a reasonable server, it's the providers to sell hosting cheap and stack their servers high that have problems with any reasonable amount of traffic.
Well, it depends, 1000 visitors/hour is manageable unless it consume high CPU. It would be test of different hosts for you find a suitable one for you. But, to be honest, you should go for a small VPS.
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