No.
Yes.
.PSD files are Photoshop files that may contain layers. When I am working with a designer, I ask for a layered .PSD file and use that to create the various sections of a website and to either match the colors in the Photoshop file with backgrounds or to use the Photoshop design to let me know how wide things should be, how many pixels high text or other elements should be and so on.
But there is no "conversion tool" that will make a complete website based on modern HTML and CSS standards out of a photoshop document. That all has to be done in Dreamweaver by someone who knows how to write code to make a website.
I do not work with WordPress, but I do know that one can use Dreamweaver to create a complete WordPress theme for a website. I suppose in the next few years I'll learn how to do that, but, for right now, I'm concentrating on php and JavaScript.