In some traditions the wand is just sort there to direct energy. In most Wiccan-originating traditions the wand is the tool that represents Elemental Air. In Hermetic magick the wand is Elemental Fire.
You could theoretically also make a wand for any other element or for a specific purpose.
i don't know what we can do specifically with the wand! i am new in magick and i really don't have any idea. may be my so many questions irritates you people but as i am new,that's why i have to ask each thing from experts.
If you don't even know what you want to do with it... well that's a pretty good indicator that you don't need one yet! Once you've had a little more practice with magick that uses no tools or only consumable tools (candles, herbs, etc.) and you've done some more research you'll eventually have the thought of, "Hey, I'd really like to do _______ operation with a wand!" So don't worry about gathering or making magickal tools just yet. Once you really need them, you'll feel it. Besides, with practice and study you might discover that you're a magician who prefers to work without tools! You never know until you try! :)
The wand is frequently used to direct energy. In most of Wicca it is the elemental tool for Air and would be used to direct energies relating to things associated with Air, like the intellect and intelligence. In Hermetic magick it is the elemental tool for Fire and is the key masculine tool on the altar, so it would be used to direct fiery energies like those of creation and of the Will, as well as directing decidedly masculine energies.
You can also make a wand that you specifically create and/or charge for a certain purpose, like a healing wand. A healing wand would have a certain healy-ness to it (sort of like being the "elemental tool" of healing, as it were) and would be used to direct healing energies.