Function
Salt separates into ions when it comes to into contact with ice. The ions disrupt the hydrogen cells in the ice, causing the freezing point of the ice molecules to drop, which in turn causes it to melt.
Effects
The more the ice molecules melt, the less there is for freezing ice molecules to cling onto. Even if temperatures are below zero, there will be more ice melting than freezing. As the salt doesn't melt, only a small amount is required to melt a large quantity of ice. Therefore, using a larger quantity of salt will not make ice melt faster.
Considerations
Salt is not infallible, as if it rains the salt will wash off the roads and they could become icy again. It's not an instant solution, as it can take several hours for ice to melt after the roads have been salted.