1) Two people can kill one another indefinitely, with little risk, to acquire drops.
Wrong. After a certain threshold, drops turn to garbage:
If two players are killing each other, alternating kills and banking in between:
1 kill: Higher level player kills lower level player
2 kills: Lower level player kills higher level player
3 kills: Both players are skulled when lower level player kills higher level player. (May be more than three kills, but I'm pretty sure it's 3)
In general:
Similar to lootshare points, PvP points accumulate when you enter a hot zone (and less rapidly when you are in a non-hot zone). The points that you accumulate is proportional to your level. Items that you drop when you die on a PvP world contribute to this total. Spending time in a safe zone will reduce your PvP points. Drop tables are calculated according to your current points, and similar to lootshare points, reduce identically with the GE market value of the drops that you get.
2) Killing your friends in "Fake pking" is a fool-proof way of making money.
I have pked so far one whip and 2 zamorakian spears that belonged to people on my friends list while they were supposed to be killing me. *Tries to look innocent*
3) 1 iteming with a whip is enough to get drops, provided you are skulled.
Correct....unless you use protect item, and to be honest, you are. You must have 75k in your ITEMS DROPPED ON DEATH, and you will notice that if you activate the prayer and then look at your death tab, you won't be dropping the whip (and therefore do NOT have 75k in items...thus you won't get drops)
4) There is no way to get drops while 1-iteming (With, say, a whip or GS).
Sure there is! Turn *off* protect item just before you kill the person, then turn it on again. LOL. It's less dangerous than it sounds at 80+HP.
5) To get maximum rewards, you should carry 100k+ when dying to your friends.
Amusingly, I fell for this one too, on account of circumstantial evidence. The first time I killed someone with 100k, I got a Dharok Helm (sold it for 1.9M or so). Upon turning into my normal self again, I read the stuff that Jagex put out on it.... "Note that if you risk significantly more than 75,000 coins in items, your drops will not improve further, nor will they improve if your opponent loses 25 million coins' worth of items - the values are minimum boundaries. " - KB quote.
6) Bank after every kill when killing your friends.
"If you frequently enter safe zones, your drops will certainly not be as impressive as if you had spent the whole time in a hot zone." - KB quote. See above (q1) - it's a losing strategy
7) You can get drops even without having 75k in your inventory (on p2p)!!!1 zomg!
Sardines. Bones. Iron platebody. W00t.
8) You can get drops even without the other guy having 25k in HIS inventory!!1one. 0mf3gz?
Mithril platebody. Attack potion. Steel Scimitar. Hax.
9) Fast kills are good.
"If you kill more players in a short amount of time, the quality of your drops will go down."
EDIT:
Backing up the "Point system theory":
In general, the most important factors are the value of items you are risking, the amount your opponent drops and how long you have survived (ideally in a hot zone). A good tactic is to let your drop value build up by training in a hot zone for a while (which will be especially beneficial if you have some brawling gloves), then try to get a kill or two for a better chance of some good drops. Then you can go back to training to let your drop value increase again.
I will add to this list as time goes on.
(GF Ferarri, Doomedrusher - sorry about the "reverse PKs" LOL)
Boa is the anti joy of PKing 
)
