What if my OPT application gets rejected and it is beyond 60 days of graduating, will I be able to AOS while 'out of status'?

I agree with my colleague. Filing for AOS will forgive the status issues. Contact a US immigration attorney for immediate filing assistance.

I agree with my colleagues. F2s are not permitted to work. Contact a US immigration attorney for assistance.

Does retired sponsor have to submit any other document beside I-864 and tax return?

I agree with my colleague. Contact a US immigration attorney for assistance.

Can I go to he same public high school next year? But instead of a J1 visa apply for a F1 visa?

Contact a US immigration attorney regarding the limitations of F1s and public school.

Can someone with both a valid B1 and F1 visa enter into the US on a B1, and then later change status to F1 while in the US ?

Technically you may file for a change of status. Contact the DSO and/or US immigration attorney for assistance.

The I94 is generally sent to the attorney. Contact your company's US immigration attorney for assistance.

What should we do? Is there something we can do to "come clean" and avoid my wife being banned from the US for several years?

Contact a US immigration attorney regarding options and immigrant visa processing / waiver strategy (if necessary).

I agree with my colleague. Apply for the EAD and then the SSN. Contact a US immigration attorney for assistance.

Can the form-i29H be filed in premium processing so that I get it in 15 days?

I agree with my colleague. Contact the company's US immigration attorney for assistance.

Can I file for Visa Extension even though 60 days was given at point of entry?

I agree with my colleagues. An extension may be filed. Contact a US immigration attorney for assistance.