Binaural beats are an auditory illusion where two oscillators, slightly detuned from each other, are played simultaneously with one perceived by each ear. The human brain mixes the audio from each ear, and the listener perceives a "beating" effect that isn't actually there. This is a well-studied phenomenon that has gained the interest of audiologists and neurologists, but it's most famous for being picked up by the alternative medicine community as a way to get high.
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.