If I change the mac address of a NIC card using macchanger, Will i be able to receive the traffic destined to the original(permanent) MAC address?
No. Your NIC will ignore any frames it receives that do not have its currently configured MAC address*. In a switched network, frames with the old MAC address will still be sent to it until the switch times out the address in its MAC address table, but the NIC will ignore those. It will also receive frames that are sent to an "unknown unicast" MAC address because switches flood those to all interfaces except the one on which the frames were received, but your NIC ignores any not addressed to its MAC address.
*There are a few exceptions to this. It will process frames sent to the broadcast address (
ffff:ffff:ffff) and to any multicast groups to which you have subscribed.
No and Yes, because your new MAC will likely be reassigned a new DHCP IP address lease and your running and started applications will perform as usual.
Your "old/original MAC" and IP won't receive traffic and the original DHCP lease will tombstone.