A waveform is the basic "building block" for the various sounds or "patches" of the XP-30. One waveform can be manipulated by Roland's sound designers so that it serves as a base waveform for several patches. Although you can edit a patch, you do so by editing its waveform(s). You'll need an external sequencer with the XP-30 as it is not a "workstation" as the XP-60/80 is. A "performance" is a collection of patches - either layered, split/staggered across the keyboard, or, when used in sequencing, much like a band with each instrument (patch, in this case) capable of being recorded on a track/MIDI channel.