The most common way to use a brainwave entrainment is for a short-term benefit, to help guide your brain into a particular mental state at the time you need it.  In a similar way to how you might take a sleeping pill before bed to help you get to sleep, or maybe drink some coffee or an energy drink to help wake you up and give you a boost of energy.
Theta waves have another interesting characteristic. The Earth has a measurable resonance of 7.83 hertz known as the Schumann resonance. Because the Schumann resonance is a constant background frequency surrounding all life, it may play a special role in biological activity. The Schumann resonance frequency falls within the range of theta brainwaves and may have something to do with why these brainwave frequencies are so powerful. 
So, in summary, binaural beats certainly do not work the way the sellers claim, but there's no reason to think they're any less effective than any other music track you might listen to that effects you in a way you like. If they make you sleepy (like they all do for me), use them to go to sleep. If they relax you or get you amped, use them for that. But don't expect them to be any more effective than regular music. If someone you know claims that they are, put them to the test, and bust the myth.
Neural oscillations are rhythmic or repetitive electrochemical activity in the brain and central nervous system. Such oscillations can be characterized by their frequency, amplitude and phase. Neural tissue can generate oscillatory activity driven by mechanisms within individual neurons, as well as by interactions between them. They may also adjust frequency to synchronize with the periodic vibration of external acoustic or visual stimuli.[3]
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