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No, it does not do a 360 on its own.
This product has more of a white/daylight/cool color.
I am sorry, but the light bulbs cannot be replaced as they are LED's that are hardwired to the electronics of the item.
Unfortunately Gemmy Industries does not sell replacement motors for our inflatable products. However, we understand that collectors of the product have been able to take care of their replacement needs by purchasing older, inexpensive units from E-bay and then transferring the parts to the newer model. You may try visiting http://www.yardinflatables.com/Parts-Accessories_c_21.html, to see if they have the part that you need. Thank you, Customer Service