Replication using WAL files

Hi list,

I'm a newbie for postgresql replication
This is my requirement.

I have 2 servers on which I need to have data replicated. The master server
should serve for read/write queries and the 2nd server is used mainly for
research queries(read-only queries) and so it doesn't have to be up-to-date.
The read queries should be able to be sent to both servers so load-balancing
is possible. In case the master server fails the 2nd server should be able
to take over(fair-over support).

Is it possible to implement this thro' WAL shipping?

I tried the 'Continuous Archiving and PITR' in my test database and it works
fine. But this set-up is only for a warm standby server...right?! Is it
possible to make both the servers work asynchronously, while the primary
server takes up all write queries and the read queries can be sent to both
primary and 2nd server .And can the 2nd server be updated using the WAL
files (WAL shipping) of the primary server asynchronously (while both the
servers are up)?

Hope I explained my requirement clearly.
Please advice
Thanks
josh