well, for $20. and a joint membership with me, you'll get 3 issues (spring summer fall) of the journal (american musicology society) and find out the latest stuff on any subject that happens to be studied.
how does it apply to real life? it doesn't. you become a boring statistic (unless you're really into the stuff) and live your life in a fantasy world based upon musical history, facts, artifacts, and the like. you stop your normal friendships and hook up with really strange but facinating people. they have assortments of pictures of instruments you never saw before, a hankering to travel and speak or listen at conferences (like the one mentioned above), and general geekness. it's ok. just don't expect the normal person to be as interested as you are. maybe 1% of the history class gets into the fine details.
but, it impresses people who don't know as much as you do, and you can get discounts on music, travel, and instrument purchases for being a musicologist, i believe. you might even find yourself in a different country for a few years and learning languages that you didn't know were so musical. did you know that hebrew letters each have a sort of note assigned so that when the text is read, it's sort of sung in quarter tones and half tones. cantors not only sing music but 'liturgy.' if i were to study something in music, it would be liturgical practices. i am facinated by it. also, in the russian orthodox church you have extremely musical people doing cantoring and sort of sing-song reading liturgy. church practices have to be some of the oldest extant traditions (giving us an idea of what certain music may have sounded like way back when) - as well as people who pass on folk music (though much of that has died out).
ps i'm not a musicologist, but i like the idea of travelling based upon performing and musicological research. i would be very happy to be an assistant of some sort. (maybe even archeological musicology - digging up old instruments - or pics on some vase). catologuing, coming up with translations for some song written in latin...whatever.