Localized molecular orbitals are molecular orbitals which are concentrated in a limited spatial region of a molecule, for example a specific bond or a lone lake on a specific atom.

The reaction creates dihydrogen, hence if it's uncontrolled it could lead to potentially dangerous amounts of gas being released at once.
It will take 5.2 years to decay.
The half life of cobalt-60 is 5.2 years. The half life is the time taken for the mass of the substance to decrease by a half.
here, the amount of remaining substance is 50%,
so, 
n. log (0.5) = log (0.5)
n = 1
So it would take 1 half lives to decay this much, which is 1 x 5.2 which is 5.2 years.
what do you mean by radioactive decay ?
The process through which an unstable atomic nucleus loses energy via radiation is known as radioactive decay, also known as nuclear decay, radioactivity, radioactive disintegration, or nuclear disintegration. A material that has unstable nuclei is considered as radioactive.
Learn more about decay here:-
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A) Using paper chromatography to separate pigments by density