The beats are audible at lower frequencies because your ears do in fact pick up phase information, but only at these lower frequencies.
When a sound enters our ear, we magnify it via mechanical oscillations of bones and hydraulic effects, ultimately causing vibration in a thin film in our inner ear called the basilar membrane. Different sections of the basilar membrane will vibrate in response to different tones. The basilar membrane is connected to thousands of small hairs, themselves connected to mechanically-sensitive ion gates. Oscillations of these hair then trigger the ion gates. The ion gates send electrical impulses down neurons to our brains.
Empirically, it is observed that these nerve impulses almost always begin at the peak amplitude of a vibration of the basilar membrane. Thus, if our two ears receive sound with different phase, they will fire nerve impulses at different times, and our brains will have access to phase information.
An interesting demonstration of this was given by Lord Raleigh in 1907. He theorized that phase difference detection between the ears was a key component to our ability to localize sound. When Raleigh played two tuning forks that were slightly out of tune, so that the phase oscillated, his found that human perception of the location of the sound oscillated from the left to the right of the listener's head.
At high frequencies, we lose phase information. This is because of uncertainties in the exact time of arrival of a nerve impulse. A typical nerve impulse lasts several milliseconds, so above 1000 Hz the uncertainty in arrival time becomes comparable to the frequency itself, meaning we lose phase information. It turns out that we mostly lose the ability to localize sound in the range 1000 - 3000 Hz. Above 3000 Hz, different physiological mechanisms related to the "shadow" of your head allow us to localize sound again.
Reference:
http://en.wikipedia.org/wiki/Action_potential
The information about Rayleigh's experiment and firing at the peak of oscillations is from chapter 5 of "The Science of Sound" by Rossing, Wheeler, and Moore.
Yes, you have the right idea. You will want to learn about Fourier analysis, which lets you take a complicated-looking waveform like your third figure and analyze it to say "this is two sine waves, frequencies 1 and 5, equal amplitudes, zero relative phase."
I like to think of a piano as an inverse Fourier transform machine: you push the keys to tell the piano "please generate frequencies C, E, and G, with the C having larger amplitude than the others" and the piano makes the air vibrate for you. Your auditory system then does the ordinary Fourier transformation: with ear training, you can take those vibrations and say "Oh, a major triad, with a strong root."
Best Answer
The phenomenon you're asking about is known as octave equivalence. It's a hard-wired thing in the human ear-brain system. (We know it's hard-wired because it's present without musical training and is true cross-culturally.) Notes that differ in frequency by a factor of 2 (or a power of 2) are perceptually similar, and may be mistaken for one another, even by trained musicians. So this is really a fact about the ear-brain system (i.e., psychology and physiology) rather than physics, although it does relate to a physical property.
Looking through the index entries on this topic in Diana Deutsch, The psychology of music, 3rd ed., 2013, I don't see anything about any physical, neurological, or evolutionary explanation of octave equivalence. That may mean that nobody has such an explanation, or just that it wasn't something that Deutsch wanted to get into in this anthology of articles. It seems likely that it has at least some physical basis, because periodic tones usually have their first two frequencies (fundamental and first harmonic) in the ratio of two to one.
No, it's the first overtone.
Pitch perception can be complicated in some cases, but essentially our sense of pitch is normally based on the period of the wave. So notes differing by an octave in pitch have waveforms that are related by the fact that their periods are in a 2 to 1 ratio.
The beats would be beats between the first harmonic of the lower note and the fundamental of the higher note.