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."  
The Transparent Corp forum – This forum is an invaluable resource for any brainwave entrainment user or enthusiast.  Most of the feedback is obviously focused on the Transparent Corp software, but with over 20,000+ posts now you can find answers to the whole array of brainwave entrainment questions on there.  (UPDATE: Sadly, the Transparent Corp forum has now been taken offline)
... [9] While entrainment by binaural auditory beats in the alpha frequency has also been shown to enhance creativity, cognition, memory, and an improvement in intelligence tests and achievement tests in learning disabled boys. [10][11][12][13] The gamma-band activity has been shown to involve in a variety of functions such as attention, memory, and consciousness. Current literature suggests that entrainment by gamma beats promotes cognitive flexibility, modulates visual attention, and enhances creativity. ...
Cortisol is an arousal hormone, stimulating alertness and attention. Cortisol levels rise and fall in connection to circadian rhythms—cortisol levels rise to their peak levels first thing in the morning, just in time for you to be active for the day. Too-high cortisol levels are associated with insomnia, as well as more time spent in light sleep, rather than deep sleep.
Over the long term, traditional eastern methods (such as meditation and yoga) train your brainwaves into balance. Of the newer methods, brainwave entrainment is an easy, low-cost method to temporarily alter your brainwave state. If you are trying to solve a particular difficulty or fine-tune your brainwave function, state-of-the-art brain training methods like neurofeedback and pEMF deliver targeted, quick, and lasting results.  
However, very experienced practitioners of meditation are able to enter a Delta state and maintain consciousness at the same time. Yoga nidra or “yogi sleep” is a sleep-like state which yogis report during their meditations. This lucid sleeping state is among the deepest possible states of relaxation while still maintaining full consciousness (“super-conscious mind”). In this state, experienced yogis are able to regulate their body temperature and heart rate.
Aside from Brain Evolution, this is another good resource for brainwave entrainment products that I recommend. They have binaural beats and isochronic tones for many different applications. The nice thing is that they are inexpensive, so you can experiment with different types and find ones that work for you. They also have a membership plan that makes experimenting even more affordable. It’s probably the best bang for the buck that I can find for brainwave entrainment.

Monaural beats have similarities to binaural beats, but the two separate frequencies are delivered through a pulse pattern and mixed before they reach the listeners ears, resulting in the advantage of being audible without stereo headphones. However, using stereo headphones intensifies the effectiveness of monaural beats and is recommended for the best effect. 

If brainwave entrainment leaves you with unwanted side-effects (see below) or discomfort, you’re probably encouraging a range of brainwaves that are already excessive in some area of your brain. The way around this is to get a brain map to see what your brain’s strengths and weaknesses are, and see what (if any) brainwaves could use some encouragement. 

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