I am saying that if Activity Monitor says 'kernel_task' is 'intel', then you booted a 32-bit kernel. If 'kernel_task' says 'intel (64 bit)', then you booted a 64-bit kernel.
All the other applications can be either 32-bit or 64-bit and what kind of kernel you booted does not matter to the Applications.
If an application wants to install and run a kernel extension, that installation will care about the kind of kernel booted. If the kernel extension is 32-bit only then it will need a 32-bit kernel. NOTE: very few applications want kernel extensions, and generally you need to run an installer and give your admin password in order to install such an application. Sometimes you might even be required to reboot after the install (not always, but sometimes).
If WavePad is an intel based application, then it will not matter if it is 32-bit or 64-bit. However, if WavePad needs to install a kernel extension, that will matter.
If WavePad is a PowerPC based app (or the version you have is PowerPC) then that will NEVER run on Lion. Snow Leopard was the last version of OS X that would run PowerPC based applications.
If you use the Unix command 'file' against WavePad.app what does it say?
file /Applications/WavePad.app/Contents/MacOS/*
If it does not include (for architecture x86_64) or (for architecture i386), then it is not compiled for an intel processor
NOTE: I'm assuming WavePad is stored in your Applications directory, and that it is spelled WavePad.app. If I am wrong, please adjust the file path according when using the 'file' command
So here are some examples of 'file' command output
file Gee.app/Contents/MacOS/Gee
| Gee.app/Contents/MacOS/Gee: |
Mach-O executable ppc |
The above is a PowerPC ONLY compiled program. This is the icon for Gee

Notice it has a circle with a slash through it as, PowerPC only apps will not run on any version of OS X newer than Snow Leopard
file EasyFind.app/Contents/MacOS/EasyFind
| EasyFind.app/Contents/MacOS/EasyFind: |
Mach-O universal binary with 3 architectures |
EasyFind.app/Contents/MacOS/EasyFind (for architecture x86_64): Mach-O 64-bit executable x86_64
| EasyFind.app/Contents/MacOS/EasyFind (for architecture ppc7400): |
Mach-O executable ppc |
EasyFind.app/Contents/MacOS/EasyFind (for architecture i386): Mach-O executable i386
The above is a FAT application, in that it includes a 32-bit intel version (i386), a 64-bit intelversion (x86_64), and 32/64 bit PowerPC versions. It is FAT because it contains multiple compiled versions for different architectures.
This is the icon for EasyFind

Notice this icon does NOT have a circle with a slash through it because it contains an intel compiled version of the application.