Warping

Warping is a type of distortion technique that 'bends' footage into certain shapes. There are many, many ways to do this, with each one having its own effects.

Wave Warp

Wave Warp is a warp that follows a wave (sine wave, square wave, etc.) It is very common due to its simplicity and effectiveness. It can often be used to make things look "dizzy".

All wave warps possible in Adobe products.

The wave warp in Vegas (known as "Wave") is rather notorious for its default preset.