In EQII Waypoint is both a place and a slash command.
Typing, in your chat window, /way or waypoint followed by the three number map coordinates common in MMOs will plot a location on a map and give you a "waypoint wisp" and text directions to that location (commonly called LOC).
In city zones, you can use Alt-W or choose Waypoint from you EQII menu for a list of waypoints in the zone, usually player housing.