http://www.scirra.com/art_pixelshaders.php
Just a quick article I put together to explain pixel shaders, their versions, and what hardware supports them. Useful to link to for system requirements etc.
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If i make a game that uses PixelShader 2.0 (can't cuz my computer ****** but anyways)and make an .exe of it. Will it work on computers without 2.0?
By default, computers which don't support PS 2.0 will give an error message and won't run the game. However there are all sorts of things you can do to get around this. The latest effects article details these:
http://www.scirra.com/art_effects.php