When your computer finds a litecoin block, your Litecoin client (wallet) will report an "Incoming transaction" of 50 LTC+transaction fees, available for you to spend.
In addition, when solo mining, each accepted "share" is actually a block. This is why you might not see any accepted "shares" for a while but you will still be hashing.
For CPU mining I would recommend using a pool instead of solo mining, because finding a block on solo could take many months. By mining with a pool, you get paid much more frequently. (List of mining pools here; I recommend
http://notroll.in because you get paid a fixed amount for every submitted share, plus it has low stale rates.)
Sauce:
http://forum.litecoin.net/index.php?topic=871.0