No its not.
Take a look here
http://wiki.answers.com/Q/How_do_you_divide_a_line_into_3_equal_parts. Also you can use the perpendicular bisector method to bisect a line. [Only if you're trying to bisect it into two equal parts]
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Bisect a segment is to divide the line segment into 2
A midpoint is in the middle of the line but does not bisect it because it is just a point on that line and does not cross the line.
No. Since a line is infinite, it has no mid-point. A bisector must go through a midpoint so nothing can bisect a line (not even a segment).
Yes or 'True' ~
bisect it