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If you're getting a squeaking noise when the washer is washing, it means that the bearings are beginning to go in the main rear drum bearing. The inner basket has a metal shaft attached to the back of it which goes through the bearing and if the bearing gets too bad, then the inner basket will also need to be replaced. Either way, you can continue letting it run, it's up to you. It could end up being more expensive if it isn't stopped early on. It's an expensive repair either way since the bearing is part of the entire rear outer tub. You'd be looking at about $400 to replace the rear outer tub, and about $650 to replace both the rear outer tub and the inner tub.
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Not usually. Usually when you have a bearing just going out it usually only squeaks at one particular speed and then propagates from there.