If mind-consciousness is not the brain, why then does science relate states of consciousness and mental functioning to Brainwave frequencies? And how is it that audio with embedded binaural beats alters brain waves? The first question can be answered in terms of instrumentation. There is no objective way to measure mind or consciousness with an instrument. Mind-consciousness appears to be a field phenomenon which interfaces with the body and the neurological structures of the brain (Hunt, 1995). One cannot measure this field directly with current instrumentation. On the other hand, the electrical potentials of brain waves can be measured and easily quantified. Contemporary science likes things that can be measured and quantified. The problem here lies in oversimplification of the observations. EEG patterns measured on the cortex are the result of electro-neurological activity of the brain. But the brain's electro-neurological activity is not mind-consciousness. EEG measurements then are only an indirect means of assessing the mind-consciousness interface with the neurological structures of the brain. As crude as this may seem, the EEG has been a reliable way for researchers to estimate states of consciousness based on the relative proportions of EEG frequencies. Stated another way, certain EEG patterns have been historically associated with specific states of consciousness. It is reasonable to assume, given the current EEG literature, that if a specific EEG pattern emerges it is probably accompanied by a particular state of consciousness.  
You don't have to buy one, though. It's not too hard to make your own binaural beat, and free software is widely available to do just that. The one that I used to make that little sample is an open-source program called Gnaural, available on the Sourceforge website. It's pretty easy to use, though it takes some practice before you can generate some of the really cool, more professional sounding beats. A binaural beat consists of two simple tones, and most people add that background pink noise. Nothing special.
No, it isn’t, at least not in the way these people are thinking. Neither would any other entrainment product you could purchase for that matter. Part of the problem is the proliferation of utter nonsense about brainwave entrainment one can read all over the internet. There is one site in particular that comes to mind, and the contents of that site are often copied by other websites. It is a list of Hz frequencies with their corresponding (alleged) physical effects. The list runs on for many pages. I won’t bother with the link because you can Google it and find it for yourself if you feel the need for a good laugh, but here are some examples regarding meditation and brainwave entrainment from this site:
Both brainwave entrainment and neurofeedback deal with brainwaves, but the similarity stops there. Entrainment pushes your whole brain into a pre-determined state, while neurofeedback teaches you how to move specific parts of your brain on your own. It is the differeence between forcing the brain into a given position, and skills building so you can move it there yourself.