If i add a Tele Converter lens to my Olympus SP500 Ultra Zoom camera What will it improve or do? I (newbie)?

It will give you the ability to bring distant objects in closer. Problem is, Image quality will be lowered, the zoom will not work(it will vigenette) and the only to hold it still will be with a tripod. Other than that.....

A tele converter will give you extra zoom at the long end. The SP500 already has 380mm at the long end, and with a 2x teleconverter you get 760mm. With that, you can practically zoom in to take close ups of orbiting sat satellites.