Let's start with the second one. In Greek, this is called the "article." This word is usually rendered "the" in English, but often it has another meaning. Here in James 2:14, most Bible interpreters believe we have a case of the "article of previous reference." Hence James isn't merely saying "can faith save him?", as we find in the KJV. The Greek reads, literally, "Can the faith save him?", with the article "the" pointing back to the faith just mentioned -- that is, works-less faith. This point is wonderfully brought out in versions like the CSB ("can such faith save him?") and God's Word ("can this kind of faith save him?").
So far, so good. But notice the other word I've marked in yellow. When an author uses this word in a Greek question, that question implies the answer "no." In other words, James isn't really asking a question at all. He's making a statement couched in the form of a question. Hence the rendering of the ISV: "this kind of faith can't save him, can it?" The answer, of course, is "Absolutely not!" For James, faith without works is dead. "So you see, faith by itself isn't enough. Unless it produces good deeds, it is dead and useless" (James 2:17, NLT). Faith, for James, is an action word. It's dead unless it's accompanied by activity. Anyone can say they believe. But how many are willing, for example, to love others actively and practically? That's James' point.
By the way, this point is also made by the apostle Paul. He would have agreed 100 percent with James that true faith is much more than mental assent or verbal agreement. It involves action. "The only thing that matters," wrote Paul, "is faith working through love" (Gal. 5:6).
To sum up. The crowning step of biblical interpretation is application. It's also my favorite part of Bible study. But before we can ask, "How do these words apply to my life?" we have to ask "What did these words mean to the original audience?" Hence we always precede application with both observation and interpretation. All three steps are vitally important!
Have a great day!