Your brain cells reset their sodium & potassium ratios when the brain is in Theta state. The sodium & potassium levels are involved in osmosis which is the chemical process that transports chemicals into and out of your brain cells. After an extended period in the Beta state the ratio between potassium and sodium is out of balance. This the main cause of what is known as "mental fatigue". A brief period in Theta (about 5 - 15min) can restore the ratio to normal resulting in mental refreshment.  
“The great neuroscientist W. Gray Walter carried out a series of experiments in the late forties and fifties in which he used an electronic stroboscopic device in combination with EEG equipment to send rhythmic light flashes into the eyes of the subjects at frequencies ranging from ten to twenty five flashes per second. He was startled to find that the flickering seemed to alter the brain-wave activity of the whole cortex instead of just the areas associated with vision. Wrote Walter, “The rhythmic series of flashes appear to be breaking down some of the physiologic barriers between different regions of the brain. This means the stimulus of flicker received by the visual projection area of the cortex was breaking bounds— its ripples were overflowing into other areas.”
Absolutely. Binaural beats were first discovered over 150 years ago, and their use in brainwave entrainment audio has been the subject of a great deal of scientific exploration over the last 35 years in particular. Millions of people use brainwave entrainment music to enhance their quality of life and to experience deep relaxation. In fact, brainwave entrainment technology is now used for more than just meditation. It is also used by a variety of practitioners and private users for improving self-confidence, stress relief, pain management, relaxation, improving and concentration and improving the quality of one's sleep. If you would like to read an objective third party report on binaural beats, please refer to this Wikipedia article.

So, there’s the deep stuff here, and then there’s the gamma stuff, too. There’s a little bit of 80 Hz, but it’s primarily a 40-Hz gamma track, gamma frequencies that are combined with a pulse, on and off, throughout the recording. I went to some lengths to make this as rich and potent as I could, whilst blending it into the sound of the music. There are these really rich, kind of cat-purr-like vibrations that come through at times, combined with the lulling, deeply relaxing theta brain waves.
From a strictly physical/emotional viewpoint, the benefits of meditation include (but are not limited to) such things as greater resistance to stress; less physical illness and improved resilience when illness does occur; better quality of sleep and increased recovery during sleep; a generally magnified sense of well-being; a sharper, clearer mind; increased capacity for learning; improved functioning in daily life; more harmonious relationships; greater control over emotional states, and more.
Theta waves also have been observed in moments when a person recalls information from the past, and this may be what links them also to improvement in learning ability. We also experience theta waves when we go into automatic pilot mode, such as when doing a repetitive task like driving a familiar route where the mind become disconnected while you still drive safely toward your destination.
Alpha Waves (7-13hz) are associated with light meditation, peak performance, creativity and relaxed alertness. Your brain goes into this state naturally when you are daydreaming. Alpha waves also become more predominant when you close your eyes and relax your mind. This is the perfect state to be in for subliminal mind programming and enhancing your creativity.
Subsequently, the term 'entrainment' has been used to describe a shared tendency of many physical and biological systems to synchronize their periodicity and rhythm through interaction. This tendency has been identified as specifically pertinent to the study of sound and music generally, and acoustic rhythms specifically. The most ubiquitous and familiar examples of neuromotor entrainment to acoustic stimuli is observable in spontaneous foot or finger tapping to the rhythmic beat of a song.