Traveen: Boy, you've asked questions requiring longer answers than I'm able to give right now, and what I tell you is likely to be at least partially inaccurate. But basically BitTorrent is software that permits peer-to-peer sharing of files, by having a "seeder" create a "torrent" which is posted to a tracker (basically a spot (an internet location?) where seeder and peers "meet" or intersect), and then upload the data to the peers (generally referred to, pejoratively, as "leechers").
The beauty of BitTorrent is that, in addition to downloading from the seeder, each peer is also uploading the "pieces" that peer has received back to other peers; so the whole process actually moves faster the more peers or "leechers" there are who are downloading something, and simultaneously uploading whatever they have.
With music, you won't be downloading .wav files, because they're too big to make efficient torrents. Instead, you'll normally be downloading in .shn or .flac, two compression formats that (unlike the more familiar MP3) don't throw out any of the audio data when compressing -- i.e., they're "lossless". I think the FAQs below include info on decoding the .shn or FLAC files to WAV files so that you can burn audio CDs, and even contain links to downloadable "players" that will let you listen to the .shn or FLAC files on your computer without "decoding" to WAV.
BE AWARE that usually a music download will be in the 300-700 mB range in size, even when compressed to .shn or flac, and will take anywhere from a couple of hours to 12 hours to download. While it's possible to keep a torrent running in the background, I usually try to run torrents overnight, when it's not interfering with my own - or my family's - computer use. ALSO, this all basically only works (I understand) with a broadband/DSL or other "fast" internet connection; with dial-up this would be WAY too slow.
Hope this helps; here's the FAQs:
http://www.dessent.net/btfaq/#mandrakehttp://www.easytree.org/extras-faq.phphttp://wiki.etree.org/index.php?page=BitTorrent