First, let me say that (IMHO!) support forums as this or stackoverflow or ... aren't here to do your homework. I guess a simple websearch would point you to the right directions.
Anyway, concerning your question:
Yes, it's possible to do 3D processing using OSM. Even if our dataschema is 2D only, you are able to attach object properties that make it possible to create (simple) 3D representations for example: ![alt text][1]
So the references you are looking for are:
* http://wiki.openstreetmap.org/wiki/Simple_3D_Buildings - a united (semi)standard schema for 3D tagging buildings
* http://wiki.openstreetmap.org/wiki/3D_Development - presenting different tools and approaches
* http://wiki.openstreetmap.org/wiki/Research - search for '3D' to find related articles
* http://forum.openstreetmap.org/viewforum.php?id=42 - 3D forum with recent news / developments to get an impression about the 3D sub-community
Please keep in mind:
* OSM itself doesn't contain 3D terrain informations (see for example www.opendem.info instead)
* OSM can't model very detailed 3D models within the OSM schema (see www.openbuildingmodels.org instead) and is usually limited to somewhat like LOD-2
* the interpretation of various properties or map features can be slightly different from renderer to renderer ...
* only a very small amount of (current) OSM world has 3D enriched buildings (compare for example [taginfo building:levels=*](http://taginfo.openstreetmap.org/keys/building:levels))
Now it's up to you to write an summary for your Prof. ;)
[1]: http://osm2world.org/examples/0.2.0/Passau_from_Inn_2012-09-13_highres-pov.png
