1) Is it possible that be given a suitable smooth atlas to the set $M:=\{(x,y)\in\mathbb{R}^2: y=|x|\}$ so that $M$ to be a differentiable manifold? Why? How?
2) How can I prove that M is not an embedded smooth submanifold of $\mathbb{R}^2$?
In really, How can I show that $M$ is not the image of any $C^{\infty}$- immersion of $\mathbb{R}$ into $\mathbb{R}^2$?
Via transport of structure, any set with the same cardinality as $\mathbb{R}$ (such as your set $M$) can be given the structure of a smooth manifold in such a way that it is diffeomorphic to $\mathbb{R}$.
In other words, simply choose a bijection $f:\mathbb{R}\to M$ (there's an obvious one in your case), then
define a topology on $M$ by declaring that, for every open set $U\subseteq\mathbb{R}$, the set $f(U)$ will be an open set of the topology on $M$, then
define an atlas on $M$ by declaring that, for every chart $(U,\psi:U\to V)$ of the usual atlas of $\mathbb{R}$, the chart $(f(U),(\psi\circ f^{-1}):f(U)\to V))$ will be an element of the atlas on $M$
In fact, in the case of your set $M$ (with its subspace topology from $\mathbb{R}^2$), the obvious bijection $f:\mathbb{R}\to M$ is already a homeomorphism, so there is no need to declare a new topology on $M$ as I described in my first step.