Yes, but you can be somewhat sensible. If they put up a line that is soft in an obscure event, don't hammer it with a huge stake. Put your bet on, they will move the price in after your bet. And don't try and hedge out the other side. Just leave it.
Also, don't try and arb lines. It is possible to make money doing this but you will have to churn through accounts constantly...which gets tiresome. Some bookies (Interwetten is one) just have soft lines...leave it.
...but if you want to do this properly either bet on an exchange or use a bet broker in Asia (or if you have access to Pinnacle/SBO Bet). No limits.
Yes, and if you're a consistent loser you'll be treated incredibly well, with free tickets to football matches, free tickets to Formula 1 races, anything to keep you gambling.