ISO directly affects your shutter speed. Higher ISO = faster shutter speed.
No. Changing your ISO only under or over exposes your photo. You compensate with changing aperture or shutter speed. For example: If you are in Tv mode, you are set to 1/500 and you change your ISO from 100 to 200, your aperture changes, not your shutter.
Wow, that is the most absurd definition of ISO that I have ever heard. "ISO only under or over exposes your photo" - wrong wrong wrong wrong!!!! Changing ISO increases or decreases the sensitivity of the camera's sensor. Increasing or decreasing this sensitivity directly affects shutter speed.
Is you shoot in a shutter priority mode then yes the aperature would change.
A high ISO is 99.9999% of the time used for faster shutter speeds.
Know what you are talking about before you tell others they are wrong

ldman:
From wikipedia "
Film speed is the measure of a
photographic film's sensitivity to
light, determined by
sensitometry and measured on various numerical scales, the most recent being the ISO system.
Relatively insensitive film, with a correspondingly lower speed index requires more
exposure to light to produce the same image density as a more sensitive film, and is thus commonly termed a
slow film.
Highly sensitive films are correspondingly termed fast films. A closely related ISO system is used to measure the sensitivity of digital imaging systems.
In both digital and film photography, the reduction of exposure corresponding to use of higher sensitivities generally leads to reduced image quality (via coarser film grainimage noise of other types). Basically, the higher the film speed, the worse the photo quality." or higher