Are these sites dynamic in terms of content/articles changing?
-They are free articles posted by authors on various topics.
Can keywords be changed later for the same domain?
-You can modify all keywords and content through your admin panel.
Do I need a separate Adsense account for each domain? (Not really related but I only have one account for one domain and have no idea what a "channel" is. )

-No, one adsense account can support multiple domains and be tracked via URL channels. A URL channel is where you can insert the url of your domain so the adsense can be tracked site wide. It allows you to fully track the revenue of your domain specifically.
What is the turnaround time from the time I submit a site and five keywords?
-Less then 24 hours.
Last, since the google keyword tool lists phrases, is each phrase considered one of the five keywords for this?
-Yes, a phrase or a keyword is the same. Feel free to submit a few more. You are not completely limited to 5 but that gives us an overall impression of what you want to target and we add some more as well using popular keyword tools.
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