Token sale

Well, you should have that token transfered to your wallet.

Once ICO ends, it will be most likely added to some exchanges, so you will be able to trade it for different coins or just keep it.

Some ICOs are not using Ethereum permanently. And after they will develop their own blockchain, they will be exchanging their ERC20 tokens (from ICO) for their own tokens on their own blockchain. Usualy 1:1 ration.
I participated in IСO Bооsteroid. It was like this: I bought tokens over the air, I was credited to the purse. Now I wait while the token leaves on a stock exchange. Then I can sell it more expensive