DRY/WET CONTROL: Range: 0 to 100% Wet; Default: 100% Wet
This sets the balance between the “Dry” signal and the convolved signal. 50% Wet setting is the “natural” balance point.
The IR-series lets you work either with the recorded Direct signal, or with the Dry signal (that is, the unprocessed input to IR-1). When the Direct signal is turned off, and Dry/Wet is set to 50%, the Dry signal will have the same level and relative delay as the recorded Direct signal, so the Dry signal will replace the Direct signal. This is useful if you do not want any coloration of the Dry signal. When working with the Dry signal, it is generally recommended to turn off the Direct.
Wet Properties
The Wet Properties section has separate on/off, gain and delay controls.
The IR-1 engine analyzes the impulse response loaded into it, and separates from it the 'Direct', 'Early Reflections', and 'Reverb Tail' portions. Each part has its own Gain and Predelay value. All of these parts make up the original loaded IR. So, in order to use the original IR in its pure state, all parts should be On and the Dry/Wet control should be at 100% Wet. To use a specific IR as a reverb, it is recommended to turn off the Direct signal and use the Wet/Dry control to reach the desired balance between source and reverb. In aux send configurations, the IR-1 is best used with the Direct Off and 100% Wet (the default status).
Waves IR-1 software guide page 23 of 40