Some will, yes. All will function poorly compared to a dedicated graphics chipset. Again, the Intel integrated graphics chips are the bottom of the barrel when it comes to performance and features.
No, there is no way to turn off hardware transform and lighting if the game requires it.
For a gaming computer (in the current "modern" sense), you really need a dedicated graphics chipset by ATI or nVidia. Any graphics processor out on the market currently made by Intel will not be enough for most games, and barely adequate for some. There is a reason why most games say they do not support integrated graphics. Also, all mobile versions of dedicated GPUs are inferior in performance to their desktop counterparts.
Also be warned, ATI and nVidia make integrated graphics chipsets. If anywhere in the specifications on the GPU it lists "shared memory" instead of "dedicated memory/VRAM", that is an integrated chipset.