Hi Lotus,
1) When something disperses, it spreads out. For example, "The pollen dispersed into the air." Another example, a teacher can say to a group of children, "disperse among yourselves," which is simply asking them to spread out.
2) To dispel something means to put an end to it, and is usually something intangible (you can not physically touch it), like a feeling (dispel your worries), a belief (i.e. dispel a myth, dispel a rumor = putting an end to the myth or rumor, saying it is not true), a thought (dispel a suspicion), and so on.