A wipe is a total server data wipe which deletes all characters, all items, all player saved info completely. Wipes occur for various reasons, the main reason being to bring a huge overhaul of fresh new content to the server.
Once you play FOnline games for so long, the only things you live for are wipes... Stop fearing the wipe, and get grinding because there will be announcement before hand anyways. Use the time you have to get some game experience.