The Wikipedia article Binaural beats - Wikipedia, the free encyclopedia is quite thorough in explanation and well-sourced, etc. Doesn't sound like much of an effect to me, if there is any at all. Maybe relaxing or some temporary slight pain relief (of cold, don't have that problem :-) but there are lots of ways to relax, don't know why one would choose this one in particular, that requires "stuff" (headphones, special sounds that are hard to get right) and has a hoard of pseudo quacks trying to make money off it.