It Adsorbs (no typo its with a 'd' not the 'b') chemicals / impurities taking them out of the water. But once its surface is saturated (full) no more can 'stick' on to it. Then the chemicals just stay in the water as normal.
I understand that every gram of activated carbon has a surface area of about 500 m2, which is pretty big. The fact is has such a huge surface area makes it different from just plain old unactivated carbon.
No, not totally. Its all about concentration gradients, if the carbon surface is saturated (which i would have thought would take more than 48 hrs, but i have to figures to back that up) then no more substances would be picked up. Then if fresh low chemical/impuritie water were passed over the carbon some of the adsobed substances may go back into the water as the water would be have a lower conc. of chemicals (everything in the universe likes to be equal if it can). However, most would just stay 'stuck' to the carbon until you throw it away.