Oscilloscopes are commonly used to observe the exact wave shape of an electrical signal. Oscilloscopes are usually calibrated so that voltage and time can be read as well as possible by the eye. This allows the measurement of peak-to-peak voltage of a waveform, the frequency of periodic signals, the time between pulses, the time taken for a signal to rise to full amplitude (rise time), and relative timing of several related signals.

Oscilloscopes are used in the sciences, medicine, engineering, and telecommunications industry. General-purpose instruments are used for maintenance of electronic equipment and laboratory work. Special-purpose oscilloscopes may be used for such purposes as analyzing an automotive ignition system, or to display the waveform of the heartbeat as an electrocardiogram. Some computer sound software allows the sound being listened to be displayed on the screen as by an oscilloscope.

~Wikipedia 

For more information on Oscilloscopes: http://en.wikipedia.org/wiki/Oscilloscope

FOR Oscilloscope probing options please see PROBES