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oscillator, test tone, and sine waves, oh my!

I hear terms like oscillator, test tone, sine waves, pink or white waves. I know that they are gotta have tools and knowledge for serious recording people. Can anyone explain to me in laymen terms, what they do and how I can use an oscillator to improve my recording? I have Emu1212m soundcard and it has DSP which has some test-tone generating function.

thanks

unsaint