The wave model of the atom takes the basic idea of the Bohr model of the atom where there is a small dense nucleus surrounded by electrons, but the electrons are represented by a probability distribution instead of by discrete mathematical points. Thus they are often described as the "electron cloud".
Standing waves and atomic orbitals (http://www.susqu.edu/facstaff/M/kmiller/collchem/2002/atomicorbitals.htm) Quote: "...Electrons may or may not be particles, depending on when and where we look at them. When physicists tried to explain electron behavior in the atom, the equations - models - turned out to be describing standing waves. These equations - what we call wave functions or better yet, orbitals- had four variables which changed depending on which electron, in which atom you were looking at. These four variables are known as the four quantum numbers....".
The Orbitron (http://www.shef.ac.uk/chemistry/orbitron/) a gallery of atomic orbitals and molecular orbitals on the WWW.
Quote: (http://members.tripod.com/mwolff/see) "...Actually, in the H atom both the electron wave-structure and the proton have the same center. The electron's structure can be imagined like an onion - spherical layers of waves around a center. The amplitude of the waves decreases like the blue standing wave in the bottom diagram. There are no point masses - no orbits, just waves..."