I am trying to understand a little bit about the currency market. Lets say I have $10,000 dollars in cash and I am trying to buy 8000 Euros with it. Now when I take delivery, what does that mean? Can I actually get the Euro's in my hand(If I need to make a trip to Europe)? Or do I have to sell it on the currency market for the equivalent dollar amount and then convert it to Euros again?
You can't "take delivery" of a foreign currency contract. If you wish to perform a currency exchange you can do that at any time at a variety of banks. When you setup with a clearinghouse you will stipulate in which currency your account will be denominated.