Well that depends on what you are covering. If it is the sides to make it an enclosed base, than definitely. If you are talking about using it as the tabletop, than no. It is not durable for that. For a wall covering behind it, sure. This product is not structural, it is a covering so it would be attached to a framework or wall.
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I would think water would damage the product unless you're just cleaning with mildly damp cloth/sponge.
You can use a circular saw, table saw or even a jig saw (saber saw) to cut the panels. Use a good straight edge for sharp straight cuts. You can use a black marker on the cut edges to blend the panels together better if not covering seams or corner with molding.
I would think that there would be too much moisture. This is a thin, mdf paneling (think particle board). You can review the installation and spec sheets online.
You can use a black marker or dark brown where there are any gaps that will hide the edges. In corners, use moulding for best protection of outer corners, but for an inner corner you can either use the marker to hide the cut edge or 1/4 round moulding.
You could, but I would actually recommend using the real wood backed panels instead of the MDF so it does not warp from moisture, my personal opinion. The wood ones will also hold the nails better while the adhesive like Liquid Nails sets. I used both versions on walls. The wood on a staircase area which would receive more hands pressing against it and the MDF I put right over rigid foam insulation with paper backing.
4, the last board will need to be cut lengthwise. They should be hung with the board's length vertical.
Cutting is easy with a circular saw or table saw. If using the MDF panels, I would use some molding on outer corners but if it is inset, you don't have to as long as you make clean smooth cuts that are tight. If you use the similar wood backed panel, more expensive, then you could get away without using molding on outer or inset corners. In either case when not using molding, I would use a black permanent marker on the edges to hide and cuts or corner seams.