Have you ever flicked the end of a string or cord up and down to produce a "bump" that travels along the cord? (If you haven't, see here for something along these lines.) The travel of that bump is what the wave equation describes. More precisely, the wave equation forces its solutions to take either the form
\begin{align}
\psi(x,t) = f(x - vt)
\end{align}
or
\begin{align}
\psi(x,t) = g(x + vt)
\end{align}
or a sum of the two forms, $\psi(x,t) = f(x-vt) + g(x+vt)$. $f$ and $g$ have, respectively, the interpretation of a waveform (which can take any shape) traveling either in the positive or negative $x$ direction at speed $v$. (If you're having trouble seeing this, recall that adding to or subtracting from the argument of a function shifts the graph of the function. In this case, the waveform is being shifted to the right or left by a distance $vt$ that increases with time at rate $v$.)
Since the wave equation is all about enforcing the dynamical travel of its solutions, it's not really possible to interpret it at a given point and at a given time. Instead, one should think about a "video" (like the YouTube video I linked above) showing how the wave pulse moves in time.