No.

You must have either a Digidesign product or an M-Audio product (who is owned by Avid, who owns Digidesign). I think you need ProTools M-Powered to run on an M-Audio interface.

Think of the hardware as a dongle.

FlyBass is correct, but if you are so wedded to PT, you could consider using almost any other DAW software for tracking with the FireStudio and then importing your .wav files into PT for mixdown and other post-processing. By doing that, you could use PT for what it's good at while avoiding the worst bit of your setup - the Mbox pre-amps.

Would that have any effect on the quality of the sound quality by transfering it from say cubase, which is what the presonus comes with, to the protools?

If you don't use data compression (WAVs can be uncompressed), you're fine. Import at the same sample rate. That's part of the convenience of digital transfer: no lossy in transfer.

Awesome, thanks everybody.