Was it a complete replacement of any kind of formal imprisonment and/or capital punishment like we have in modern society?

Would it allow a significantly wealthy person to kill others at random and suffer no more than a monetary loss?

It is my understanding that even a king had a weregild price, does that mean someone could have gotten away with murdering a king if they were rich enough?

If this is how murder was dealt with, how were other crimes like sexual assault and theft dealt with?