Do Electrons Really 'Spin'?
It depends on what you mean by "spin".

If you mean "have intrinsic internal angular momentum, independent of its trajectory through space", then yes, electrons spin, and that's what the quantum number is measuring.

Though if by "spin" you mean "undergoes rotation" ("there's a little billiard ball, and if I were to put a mark on it and watch it, the mark would be rotationally displaced around the center in a periodic fashion"), then no, electrons don't spin. They're point particles(*): there's no billiard ball to mark, and even if you were somehow to mark a "side" of a point particle (you can't), a point particle can't undergo internal rotational displacement - there's no internal to displace! Likewise, the "frequency" of the spin is also meaningless - attempt to find out how many revolutions per minute an electron "spins" and your calculator will spit garbage at you. It's not something that has any physically realizable meaning. 

So the spin on an electron is a very real thing and not just a convenient bookkeeping label. You can do experiments where you couple the spin angular momentum of an electron to "macro-scale" (or at least non-sub-atomic) angular momentum, and you find that the total sum of angular momentum - both "macro-scale" and electron spin - is conserved. Electron "spin" is as real and functional as a gyroscope's spin is, but not in the same way. The electron has "spin" (angular momentum) without actually rotating. 

Bizarre, but that's Quantum Mechanics for you. 

*) I'm assuming the Standard Model of Quantum Physics here. If you start to get into String Theory things get all sorts of complicated, but there's no universally accepted model of String Theory, so I'm just going to ignore it exists. (As most Chemists do.)

Also note that the Standard Model doesn't even attempt to predict where this intrinsic internal angular momentum comes from. It's just a property of electrons, taken as a given. Asking "why do electrons have spin?" is like asking "why are electrons charged?": They just are.