Can I have multiple threads simultaneously?

Hey everyone! I'm new, so pardon my confusion here. I read the FAQ, but I'm afraid I need a bit more clarification regarding participating in more than one thread at a time. I realize that many of you have multiple characters, so I was wondering if the answer of 'yes' was pertaining to participating in more than one thread, but each with different characters. I ask, because the answer in the FAQ goes on to say that your character can't be in multiple places at once, which makes sense.

I ask in regards to a potential situation that I've experienced with past RP groups and sites, where you may be stuck waiting on someone to reply, and therefore, your current roleplay is stuck and unfinished (and you may really want to continue with that string of events, so you don't want to close it/archive it yet, etc). Therefore, sometimes having a couple of threads going at once has been convenient in those situations, even if they involve the same character of yours. Totally okay if the answer is no, I just want to make sure I understand everything! :)

Also, side question regarding multiple characters...
Are there any stipulations about creating another character? Is there a specific amount of time that you must be a member of Wolf before adding a new character or possibly a number of threads/posts that you need to reach?
Apologies if it's written somewhere and I've missed it! I've been trying to read everything and figure it all out. Thanks!