check out start /? - easiest way to figure out what's going on (I don't remember exactly off the top of my head, but when I put that together, I used /?).
As for real-time interactivey, that completely defeats batch processing.
Yes, you can pass parameters, but they would have to be parameters you pass on the command line. It will depend on how your program wants its parameters formatted on the command line. Then you'll need to get creative and determine how the program's output will make it back to the user.