Build will be in the form of exe, through mail we will be
informed that build is ready and  we can start testing.
Plz correct me if I am wrong.........

Dear Sneha,

your answer is good but it is 50% correct
For Client server applications .exe file
for web based application we get URL of the build 
both are geting through mail only

thanq for giving answer to first question.pls give asnwer 
for second one also .thanks in advance

build is in  the form of executable file/files.

depending upon the application like web/stand alone.

web application everything is made ready in server and 
tester need to access and test it.

if it is stand alone take the build files and install it 
into your pc and test the application

In thees there are some automated tool are about used to
create builds and manage code check-in or checkout
processes. CVS and VSS are these kind of tools