2) All chemical reaction is based on valence electron (outer shell electron)?
In transition elements, several shells or subshells have energies close to an other, so they can participate more or less to chemical bonds.
That's no so exceptional. Carbon too can has the valences 2 or 4, despite the 2s electrons are more strongly bound than the 2p.
The 2 or 4 electrons from carbon come from the same level, as opposed to transition elements. But the only reason is that the sublevels have energies in a sequence not trivial to predict nor understand, for which our naming convention isn't adequate. And anyway, the sequence changes with orbital filling, so no naming convention would be good.
4) Can silver react with oxygen ? if not why its not reacted ? silver valence electron is 2 and oxygen valence is 6,the both can reacted easily know?
This reasoning would be perfect if reacting lone atoms, but this happens seldom. Usually, molecules react, and these must be broken to create new molecules.
While silver does tarnish in air, especially if helped by other molecules, gold for instance does not. Metallic gold is a very stable molecule.
The ability to form bond and possibly release energy doesn't suffice to make predictions. For instance stainless steel should transform in a heap of rust based on the heat of reaction, but the layer of chromium oxide at its surface stops the oxygen.