For the first question it's only required that the inequality is eventually true. For example $x^4/(1+x^2) > x^2/2$ as soon as $1+x^2 > 2$ (ie $x>1$).
For the second question I'm not sure what you're aiming at here. If $\lim_{x\to\infty} f(x)$ exists then certainly also $\lim_{n\to\infty}f(x_n)$ also exists with the same value (as $x_n\to\infty$). However the reverse is not true, consider for example $f(x) = \sin x$ and $x_n = n\pi$ then we have $f(x_n)=0$ so $\lim_{n\to\infty} f(x_n) = 0$, but $f(x)$ itself has no limit as $x\to\infty$.
If you want to prove that $x^2/(1+x^2)\to1$ you could try to use a similar technique as in the first, but it's easier to rewrite the expression (your rewriting $1/(1+1/x^2)$ works to):
$${x^2\over1+x^2} = {x^2+1-1\over x^2 +1 } = {x^2+1\over x^2+1}-{1\over x^2+1} = 1 - {1\over 1+x^2}$$
You could perhaps use the first technique to realize that $1/(1+x^2)\to0$.