klark0 - 6:49 pm on Feb 22, 2013 (gmt 0)
Nothing happens directly after you submit the tool.
If you have a manual penalty and the reviewer is satisfied with your actual link removals and the links you've disavowed, then they may lift the penalty.
If you're hit by Penguin, you'll need to wait for a refresh to fully recover if you have removed and disavowed enough bad links. There hasn't been a refresh since the disavow tool was released.