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By Default the OSCache caches data in Memory meaning RAM(so it is very fast).Even sessions are stored in RAM and session is a different context and OSCache does not interfere with App Server's session.
However ,OSCache is completly configurable!!
OSCache is capable of caching data in memory (so it is very fast), and/or to disk (so your cache can be persistent across server restarts). Support is also provided for managing a cluster of caches across multiple servers.
In addition to these capabilities, it is possible to plug in custom persistence code and custom event handlers, so you could easily extend OSCache to persist cached objects to say a database or an LDAP directory.
Hope this is helpful ..
Do get back in case of further queries..