What is it?
Localized oscillations at several scales: unlike sines, they say when a frequency occurs. Multiresolution analysis underlies JPEG 2000, denoising and some feature extractors.
Formulas
Where it shows up in computing
JPEG 2000 and many medical/scientific image formats use wavelet transforms.
Wavelet shrinkage is a classic denoising method.
Where is it used?
Computing topics reachable from here, through the chain of ideas that leads to them:
This page has the essentials. A fuller treatment (intuition, formal definition, worked example) is on the way.