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Neato...  I did a little research and found it.  I was probably mistaken about the connection with the Monroe Institute.
I think it is mainly used for recognizing you're sleeping to enter a lucid dream.  But we know that we can use lucid dreaming to enter an awareness to astral projection.

http://www.lucidity.com/novadreamer.html

But check this out!  This looks like a very inexpensive way of building them yourself.  

http://www.gocs1.com/Psionics/Lucid-Dream-Goggles.htm

-Mike
    Astral_Neptune

I have heard of a machine (eye glasses), from the Monroe Institue if i am not mistaken, that induces lucid dreams.  I am not sure, but i think it is a pair of glasses that blinks a red light in your eye, after detecting that you are sleeping (rem, rapid eye movement).  The red light is not powerful enough to wake your physical up, but will remind you that you are dreaming.
Is there anyone here know what i am talking about?  I remember it being very expensive.
-Mike
    Astral_Neptune

Binaural Beats, in my opinion, are the coolest thing ever.  I am a starting muscian of 18 years of age, but i have already experimented with them, and have had some real cool funny feelings with them.
The only dangers i could see with listening to them, would be if you were listening to something with binaural beats when you were, say, driving a car.  If you let your mind flow with them, they can be very powerful.
Another danger would be to just listen to them for a couple minutes and lose interest.  If you are serious about using them, listen to them the whole way through, until you have had success, or even if you fall asleep (which is what usually happens to me ).  
Even if you don't experience any success with out of body experiences, or what not, they make a pretty damn good tool for falling asleep quickly.
My advice is to check them out, but respect them.
-Mike
    Astral_Neptune