OK, let's say if an orc has his racial +2 ranks melee he can put the finger of st. Mannox to give him additional 2 ranks and skip spending a character point to fill his melee skill bar. What happens with other skills you have ranks in, but are not enough to form a whole point? Do they have any effect?
Yes, they do have an effect. Each Skillpoint basicly adds a percentage to your succes rate. Partial ranks just add partial percentages. On the whole, however, partial ranks aren't worth it.