If you open Chrome's developer tools console for any given page and simply invoke $
you should see
$(selector, [startNode]) { [Command Line API] }
If you do the same thing on a page that has jQuery loaded, you'll see
function (a,b){return new n.fn.init(a,b)}
Evaluating $($0)
is going to depend on the context of the page given the above information. You'll either get an element reference or a jQuery object.