I think the answer to your question is both: WaveMaker Studio is a development tool that can be used to create
Java Web apps; WaveMaker Studio creates standard Java applications that use the Spring/Hibernate framework.
So let's look at some use cases:
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Database driven web development: WaveMaker can create or import database schemas. From these schemas, WaveMaKer automatically creates enterprise data widgets that connect database information to UI widgets. This is a very productive way to build data-driven web applications like lightweight portals.
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Web services mashup: WaveMaker can import any
SOAP, REST or RSS service and provide a fast way to connect web service information to UI widgets. This is a productive way to build dashboards and mashups.
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Web front end for Java application: if you have already created Java classes, you can use WaveMaker as a GUI builder for your Java application. WaveMaker can import Jar files or plain old Java. You can even swap out the Hibernate/Spring backend for any framework you like using Pluggable Service Types.
Check out the showcase application for examples of applications built with WaveMaker:
http://community.wavemaker.com/Showcase/