WIMAX stands for Worldwide Interoperability for Microwave Access and enables high-speed wireless transmission of data, voice, and video via portable devices. It provides broadband connectivity over long distances without wires using microwave frequencies. WIMAX networks can connect users to the internet from up to 30 miles away at cable modem-like speeds, allowing users to browse on laptops without being physically connected. It involves the wireless transfer of data using microwave frequencies and supports both fixed and mobile uses.