1. There is no receiver mode of the ELT. It is a transmitter only.

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2. You'd need two radios to monitor both 126.7 and 121.5, but if you have two, and you're not using them for anything else, these are the frequencies they should be tuned to.

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3. The first five minutes of the hour is the time when it is permissable to test an ELT, so there is no point only listening then.

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4. There is sometimes weather or NOTAM information on the the navigation aid [navaid] voice frequency, but aircraft radios do not transmit on the navaid frequencies, so you would hear no aircraft in distress there. IFR aircraft with a communication failure may listen to voice-equipped navaids for instructions from air traffic control.