Sure, you can do all of these things, and being able to view IEEE papers is not exactly the worst of problems. Now please let me know if I'm incorrect (and I hope I am), but it appears that in addition to viewing research papers your IEEE Web Account also lets you modify your @ieee.org e-mail alias account (if they have set one up; if not, they can create one) [1].
If so, it should be quite interesting if someone uses the IEEE Web Account username/password to re-forward your @ieee.org e-mail somewhere else. I can see all sorts of nefarious activities that can result from this, such as clicking on various "I forgot my password" links that also use your @ieee account in order to get access to other, perhaps more important resources.
[1] http://eleccomm.ieee.org/