1. Yes, you will get racemic pentan-2-ol.
2. A reaction is stereospecific if the configuration of the starting material determines the configuration of the product - ie that the configuration is in some way completely transferred to the product. It is associated with mechanistic constraints, such as the requirement of inversion in S
N2 reactions. The formal definition is that if you take two different stereoisomers of a compound and subject them to the same conditions, you get a different stereoisomeric product in each case:
http://www.chem.qmul.ac.uk/iupac/stereo/RS.html#51So I suppose in answer to you question regarding whether you get one product, in terms of stereochemistry - yes , stereospecific reactions give one stereoisomer only.
It's important to note the difference between stereospecific and stereoselective. You can have a reaction that is >99% stereoselective, but that does not mean it is stereospecific. To be stereospecific it must be only mechanistically possible to form one stereoisomer - e.g. S
N2 cannot proceed with retention of configuration, only inversion.