I believe the first reaction would be a substitution of $\ce{SiMe3}$ for $\ce{I}$ and creating $\ce{SiMe3Cl}$.
The second process I think would involve the $\ce{Mg}$ removing the two $\ce{Cl}$ and forming diphenylsilane, which would likely be a repeating unit in a silicone polymer.
Could any explain the mechanism for these reactions?