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.
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."  

Fortunately, the recommendations for exercise in the role of stress management fit with the current health recommendations (12). The proposed physiological adaptations thought to improve the way the body handles stress and recovers from stress can occur with a regular moderate to vigorous aerobic exercise program (12,13,16), such as the recommendations of 150 minutes of moderate-intensity aerobic exercise per week or 75 minutes of vigorous-intensity aerobic exercise per week. If an individual is using exercise as a time-out from stressors, shorter duration activity can serve the purpose, especially when lack of time or fatigue is a concern. Consider an individual who reports significant work-related stress. Breaking the exercise into two 10- to 15-minute sessions, one before work and one at lunch time when possible, can help combat stress throughout the day. Although there is not a lot of research with resistance exercise and stress management, resistance exercise can be used to provide a time-out from one’s stressors. Because resistance training produces different exercise adaptations compared with aerobic exercise, it might not affect the way the body physiologically reacts to stress as aerobic exercise does. However, the acute effect of a time-out to reduce stress can be beneficial. In addition, clients can receive the numerous health benefits associated with resistance training. The resistance exercise prescription for general health benefits of 2 to 3 days of exercise to target all of the major muscle groups performed at a moderate intensity of 8 to 12 repetitions can be recommended.

The activity of neurons generate electric currents; and the synchronous action of neural ensembles in the cerebral cortex, comprising large numbers of neurons, produce macroscopic oscillations. These phenomena can be monitored and graphically documented by an electroencephalogram (EEG). The electroencephalographic representations of those oscillations are typically denoted by the term 'brainwaves' in common parlance.[4][5]