The mechanism for this is that when your eyes or ears are exposed to a particular frequency of pulses or beats, the thalamus first distributes this information to the entire brain, including the visual and cerebral cortex where neural activity begins to synchronize to the incoming frequency, producing hemispheric synchronization and a balance of brainwave activity across the brain.
For example, according to Wikipedia, if you take one frequency in one speaker in a pair of headphones, say, 300Hz, and the other speaker for your other ear has a frequency of 310Hz, the resulting difference of 10Hz would be the rate that the pulse, or beat, plays at. 10Hz (Alpha Waves) would correspond to what the brain puts out when you are generally relaxed. So, in effect, listening to a 10Hz binaural beat for a certain amount of time should take the edge off.

As to the second question raised in the above paragraph, audio with embedded binaural beats alters the electrochemical environment of the brain. This allows mind-consciousness to have different experiences. When the brain is entrained to lower frequencies and awareness is maintained, a unique state of consciousness emerges. This state is often referred to as hypnogogia "mind awake/body asleep."  
That said, I use binaural beats and isochronic tones to help me get over some hurdles, or as a pre-game to meditation. It’s far easier to go deep once my mind is operating on a certain frequency, or at least feels like it. It’s also way easier to get to that point than fighting my thoughts at times. Think of binaural beats and isochronic tones as heavy ammunition that you don’t always need, but is great to have in your arsenal when you really need it.

Sleep and stress tend to cause a vicious cycle – if you’re stressed, then you can’t sleep, which makes you ill-prepared to handle the stressors of the next day, leading to more stress. To relieve stress before bed, try some relaxation techniques (see below) and disconnect from technology as much as possible an hour before bedtime. To ensure the proper amount of rest (7-8 hours is recommended), set an alarm reminding you to go to bed.
This app offers an easy to use interface that helps you achieve certain states of mind for different activities. From headache treatment to IQ boost to Sleep Induction and Relaxation, this app offers frequencies for over 25 scenarios. If you’re looking for an app that will let you choose a state of mind or activity and then just hit play, this app would be great to use.
Gamma waves are the fastest brainwave frequency range. Gamma brain waves are believed to link and process information from all other parts of the brain. A high amount of gamma wave activity in the brain is associated with intelligence, compassion, focus and feelings of happiness. High levels of gamma brain waves have also been linked to improved memory and an increased sensitivity to sensory input. Low amounts of gamma brainwave activity have been linked to learning difficulties, poor memory and impaired mental processing.
Binaural beats must be listened to using headphones. You definitely should not use them while driving or operating heavy machinery as you will be in an altered state of mind. Brainwave entrainment is a form of meditation and designed to be very passive, in fact, all you need to do is sit back, put on your headphones and let the technology do the work for you. It is best to find a session that you find soothing to listen to, as binaural beats on their own are a very strange sound that can be disturbing to some listeners. This was actually what inspired me to invent Trypnaural as a way for brainwave entrainment to be more bearable to listen to for long periods of time.
The functional role of neural oscillations is still not fully understood;[6] however they have been shown to correlate with emotional responses, motor control, and a number of cognitive functions including information transfer, perception, and memory.[7][8][9] Specifically, neural oscillations, in particular theta activity, are extensively linked to memory function, and coupling between theta and gamma activity is considered to be vital for memory functions, including episodic memory.[10][11][12]