It makes no difference what time of day you exercise. Exercising just before bedtime, however, may make it more difficult for you to fall asleep. Exercise machines are more effective than free weights. In a word, no. The effectiveness of each depends only on how well you use them.
Exercise turns fat into muscle.
It only appears that way. One type of tissue can never turn into another type. What happens is that exercise requires more energy, which your body provides by burning fat. At the same time, exercise improves muscle tone. Exercise can be dangerous.