Basically, it applies the same principles to original wave files as are applied using replaygain on ogg/MP3 files, etc. However, rather than tagging the files, the gain is applied directly to the file, so, if you need the original wave in its untouched state, you will need to back it up.
Speek has produced a frontend for this(thanks!
This is a first public release, so any constructive criticism will be welcome regarding changes/improvements, etc.
john33