We have just tested this. If you put someone on your Ignore list, you will NOT get any PMs from them. When the member on your ignore list sends you a PM, they will NOT know that they are on your ignore list, and they will think they have just sent you a PM. If you choose to remove a member from your ignore list, if they have sent you a PM while they were on your Ignore list, you will not be able to read that PM.
You can NOT block PM's from admin. Well, you can put admin on your ignore list, but the PM will still show up in your inbox as a message from admin.