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This is another popular anime weaboo's or a otaku's term. A Waifu is another anime term for a wife in the 2D world of anime or video games. Ones waifu must be treated with love and affection, you must do this as a man for your waifu.
Waifu Material is something you look for in a potential waifu. You must search for specific material you desire to carefully look for your one and only waifu. An example of something you make look for in a potential waifu is well their looks. Most people decide on their waifu's with their looks or personality. And once you find someone who could be your waifu, make sure they have WAIFU MATERIAL. Messing this up can result in heartbreak and can lead to depression.
"hey! Doesn't she look to have some potential Waifu Material?"
"We got to look for some possible Waifu Material for you!"
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When a fictional character enters an officially recognized relationship with your waifu, thus making her unavailable, he (or she) becomes a waifu stealer. Usually, the character is described by fans as a horrible, mean person or even a womanizer, even if the character hasn't shown any signs of being that way.
The term first came to real prominence in the brony community after the first My Little Pony movie was released. In it, Flash Sentry, an incidental character horns in on Twilight Sparkle, a main character, thus pissing off any of the bronies who called her waifu.
Sometimes also referred to as "waifu thief".
Sakura was so perfect until that waifu stealer got to her
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It is the financial expenditures one must undertake in order to prove one's love and admiration for a particular waifu. Such expenditures may consist of sexy body pillows, figures of your Waifu in a bikini, posters of your waifu in a bikini, etc.
Otaku 1: I spent 600 dollars to get a Rias Gremory body pillow, wedding dress figure, and exclusive charachter poster.
Otaku 2: I understand my brother... that's quite the waifu tax you paid.
Speedwagon is the only waifu out there.
Speedwagon is best waifu. NO EXCEPTIONS.