The continuum theory of solvation developed in the preceding paper [J. Chem. Phys. 119, 8606 (2003)] is applied to study free energetics and dynamics relevant to charge shift processes in polarizable quadrupolar solvents in the Born-Oppenheimer regime of solvent electronic degrees of freedom. The outer-sphere solvent reorganization free energy and free energy of reaction for electron transfer systems are investigated in both one and two-sphere cavity descriptions. The quadrupolar susceptibility needed in the theory is determined using recent Stokes shift measurements by Reynolds [J. Phys. Chem. 100, 10337 (1996)]. A good accord with measurements and molecular theory estimates of the solvent reorganization free energy for bridged donor-acceptor systems is obtained. The solvatochromic shifts associated with chromophores are examined with a first-order perturbation method. The application of the theory to electronic absorption of betaine in the quadrupolar solvents yields a good agreement with the E-T(30) solvent polarity scale. By incorporating the collective motions associated with solvent quadrupoles, the theory is extended to study inertial solvation dynamics. In contrast with dipolar liquids, the solvent frequency in the quadrupolar solvents increases as the multipole character of the solute charge distribution increases. This is in accord with a recent molecular dynamics simulation result for supercritical CO2.(C) 2003 American Institute of Physics.