Strength Fade to Zero - when checked, Strength (including Falloffs) will interpolate between 0 and the result. When unchecked it will interpolate between the Minimum and Maximum values.
Use Normals - when checked deformation will be based on the normals of the Shape. When unchecked points are scaled from the middle of the shape. Only relevant when used as a Deformer.
Minimum - set the minimum height of the wave
Maximum - set the maximum height of the wave
Frequency - set the frequency of the waves (a higher number will create more frequent waves).
Separate Channels - generate different values for x and y
Value Offset - offset the min/max values
Time Scale - affect the period of the wave (see tip below)
Stagger - when used with a Duplicator this will stagger the results across duplicates.