There are 2 things to state here.

1.The cotton bolls are the seed heads of an annual plant. Essentially this means that as the plant starts to make the boll it takes all of its energy to produce this and after its production will likely die regardless of the temperature.

2.It is illegal to plant seeds that are not commercially bought. This is due to the threat of boll weevil. I have not seen anywhere to buy small quantities of cottonseed (under 1,000), but there may be.

Hope this helps

Sorry, I don't have any answers to your questions except to say that it is NOT an annual:
Wiki article on Gossypium

Hmm. Learn something new every day.

Plantsaplenty, I know rite! (As my daughter would say.) Love these forums! Sorry to be contradictory, not personal of course.

1234mcc, found the discussion (with pics!) I remembered about cotton. There may be some info of use to you there.

Cotton won't grow inside like a houseplant. You'll need to plant it and grow it outside. The pod must ripen ON the plant in order for the fibers to be harvested. Most plants are like that....the seeds won't ripen unless attached to the mother plant.

You will simply sow the seeds (early), fight a battle with about a million different pests all season long, then collect the bolls after they open.

Call your local extension office for information about growing cotton in your area. It might be a bit late for planting, depending on where you're located.