You got the Idea of WDT right.
"If one program cycle is longer than WDT timer overflow period, are two CLRWDT instructions used? " Yes, one at the beginning and one in the middle of the program (to extend the Time-out 1.5x times)
"If the program gets stuck within a loop that contains the CLRWDT instruction, it wouldn't reset the PIC, right?" No it won't, you have to be carefull when placing the CLRWDT instruction(s)
"Also, can I use the WDT as a fourth timer (I know this would be rare) & writing an interrupt service routine at 0000h itself, which checks the status of TO(bar) in status register, to know whether a WDT overflow occurred? As Nigel said, since it is a crude oscillator, it can't be used as an accurate timer.. "
It is possible, but it will be very impractical to work with, and will destroy Values of PORTs, USART, ADC ... I would never use WDT as another timer through RESET. But I would use it to wake the PIC up, this is used pretty often.