Waves are disturbances that transfer energy through a medium from one point to another as vibrations. There are two main types of waves: transverse waves, where the vibration is perpendicular to the direction of motion, and longitudinal waves, where the vibration is parallel. Waves can be characterized by their wavelength, frequency, amplitude, and speed. The relationship between wavelength, frequency, and speed is described by the wave equation, which can be rearranged into different forms using a formula triangle. Waves undergo various interactions as they travel, including reflection, refraction, and diffraction.