I haven't been playing lately, and now I'm really confused? I mean, name hunting used to be my favourite part of the website, so I just kind of want to know where it stands now. What are legacy names, and is it still possible to get legacy names (as in, if I find an inactive account, I can create a pet with that name)? If I change a pet's name, how does it affect their legacy name? Is there a place that explains it better that I can read? I want to understand that before switching names/creating new pets.

I'm supposed to be writing a paper right now, so I don't have time for full explanations, but here is a FAQ that will help you: FAQ about Legacy Names/Non-Unique Pet Names

And short answers to your questions:

Thank you, that already helps a lot! ^^