Hi Sumedha,
1. You could perhaps look at the average power received over that time slot. If there is a collision, the receive power would ostensibly be higher.
2. Traditionally, a collision implied that nothing could be done, and the data was lost (unless one transmitter overwhelmed the other transmitter's signal, leading to the capture effect). However over the past couple of years, there have been techniques developed to recover packets from collisions. You could read the "Zig-Zag decoding" paper by Shyamnath Gollakota and Dina Katabi from SIGCOMM 2008.
http://groups.csail.mit.edu/netmit/wordpress/wp-content/themes/netmit/papers/ZigZag.pdf
Aditya