With the CB Activity stream, are users able to comment on activity items from GroupJive, perhaps an integration with JComments?
No, but it's planned for a future release. You could also try integrating a comment extension like JComments directly into the CB Activity activity template file.
Also, are URLs posted in a group wall clickable?
Yes if you allow HTML or WYSIWYG usage. By default it doesn't allow HTML, but is just a configuration parameter in GJ > Config > Integrations > Wall.