Waves are disturbances that transfer energy through a medium from one point to another. They can be transverse waves, where the disturbance is perpendicular to the direction of travel, or longitudinal waves, where the disturbance is parallel. Waves have properties like wavelength, amplitude, frequency, and speed. The speed of a wave depends on its frequency and wavelength and can be calculated using the formula that the speed equals the frequency multiplied by the wavelength. Waves undergo behaviors like reflection, refraction, and diffraction as they interact with barriers and changes in their medium.