Yes
Since "recently", there are the Microsoft Visual C++ Build Tools. Note that currently (i.e. last time I checked), you couldn't select any SDK installer options, so I suggest just installing the tools (without any SDK), and then install the SDK with the options you want. This will reduce install time and disk usage for the already huge standalone tools package.
No (see above for update).
In the age of Visual Studio 2003.net up to Visual Studio 2010, it was possible by installing the relevant Windows SDK (or Platform SDK, for the 2003.net version).
This proved impossible to maintain for Microsoft, because they couldn't decide which one (VS or the SDK) would "own" the toolchain and be responsible for updating it, resulting in the MSVC10 SP1 fiasco for SDK users, in which the Visual Studio Service Pack would remove the SDK compiler. Later on, a fixed update was released, but this was all terribly silly. I promise you, I'm not making this up.
Probably not only for this reason MS decided to strip the Windows SDK of its toolchain, and instead force the user to install a ton of cruft to get at the compiler. Good news is though that the previously 32-bit only VS Express editions, now also contain the 64-bit targetting compiler, so in essence, you can still use the compiler for free, by installing Visual Studio Express For Windows Desktop.
Starting from Visual Studio 2013, the Express version has been superceded by the Community version, which is pretty much the paid-for version (with plugin support), but with some limitations as to its use inside organizations (see the section Q&A on this website). For open source development, this means you get full-fledged Visual Studio for free, which is actually pretty awesome.
That being said, if you need a lightweight Windows development environment (and you don't need VS specific support for say, .net or some MS-isms in your code), I strongly suggest using MinGW-w64 GCC. It is much better at language support, provides better warnings and errors, and will increase the portability of your code.