Light travels as waves and can undergo various interactions as it travels, such as reflection, refraction, and interference. Reflection occurs when light bounces off a surface, following the law that the angle of incidence equals the angle of reflection. Refraction happens when light passes from one medium to another of different density, causing it to change speed and bend according to Snell's law. Refraction is responsible for phenomena like dispersion and the apparent bending of objects in water.