If you fail the test, you must wait 30 days before sitting for the Series 7 again. If you fail it 3 times, you must wait 6 months. After each fail thereafter - a 6 month wait is mandatory between attempts. This would be very unusual for a person to fail this many times though. As long as you passing the practice tests, you should pass on the first try.
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yes it is quite difficult to pass that exam so you would need to take your time to prepare for the exam. Get as much help from resources to help you. There are now tons of study guides out there - make use of them to be well prepared.
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About seven times a week.