My science teacher went through this with me today...
I believe that the protons that they are trying to collide will take a very long time to reach full speed (around 2 months). They are trying to see what this will do when the protons collide. Apparently, atoms are made of protons, neutrons and electrons. The protons themselves are made of quarks. There are 16 types of quark and only 14 have been discovered. They are hoping with this experiment to try and find one of the others... One of the others is the Higgs boson which could have something to do with the force of gravity (which we still do not fully understand). But we won't know whether we have discovered this for another two years (roughly) while they are looking through the other particles...
I think it was steven hawking who said that a black hole would be created, but it would only survive for a matter of milliseconds as there would be no mass to sustain it...
I don't think we'll die though...