Quoted By:
I don't have a waifu myself; I just drop in every now and then to check for imagedumps of my favorite characters (and even then I'm hardly constant in terms of who I would call my favorite). I myself would assume a waifu could be defined as a fictional character who happens to have all the characteristics of an ideal partner for the person who has the character as their waifu.
However, judging from what I've seen on here and /a/ the attachment can be formed for various different reasons and in various different ways, and because of this I would say it is practically impossible for me to accurately and concisely define what exactly makes a waifu, what the term means or how the whole thing works.