First a few clarifications. When we say electrons can be described as acting as waves, we really mean that the math dealing for dealing with the quantum behavior of electrons is the mathematics of waves. The analogy should not suggest that the electrons are oscillating around inside of the orbitals or as they are traveling in free space (often a point of confusion for many).
Now, what do we mean by "the mathematics of waves"? Well, for normal particles if you add one particle to another particle, you always get two particles. However, there are cases where one electron plus another electron will give zero electrons. How does this happen? Waves have a property called phase, and waves that are exactly out of phase with each other can interfere destructively and cancel each other out. This property of having a phase and being able to interfere either constructively or destructively is why we treat electrons (and other quantum mechanical objects) as waves.
The actual wavefunction (Ψ) of a system of electrons does not really have a physical meaning. It is primarily a good mathematical representation of the electron that gives it the required properties (e.g. because it has positive and negative peaks and troughs, it can interfere with other wavefunctions). However, the wavefunction is related to a very important physical parameter, the probability density distribution (|Ψ|2). "Squaring" the wave function gives you a function that tells you the relative probability of observing the electron at each point in space.
Now your point about the nodes is both correct and very important in quantum mechanics. Because Ψ(x) = 0 when x is the position of a node, |Ψ(x)|2 is zero, meaning that the electron has exactly zero probability of being found at that position. One example is the p-orbital. The plane perpendicular to the p-orbital that goes through the nucleus is a node. That means the electron can never be found on the plane between the two lobes of the two lobes of the p-orbital. Yet, the electron can be found in either lobe of the p-orbital and traverse between the two lobes. This is a simple example of "tunneling": the ability of quantum mechanical objects to move through forbidden regions (without ever actually being in the forbidden region).