WireMock is a simulator for HTTP APIs that allows testing applications that depend on external APIs without needing the real APIs to exist or be implemented. It works by replacing HTTP APIs during testing in a transparent way. Some key advantages of WireMock over traditional mocking include that it does not require modifying application code and can simulate APIs in realistic ways by configuring stub responses. WireMock can run as a standalone process or be embedded within tests to simulate APIs through JSON mappings and reliably test scenarios, edge cases, and faults in applications that integrate with external HTTP APIs.