The Waypoint reference article from the English Wikipedia on 24-Apr-2004
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Waypoint

Time you got around to sponsoring a child
A navigation GPS fix. Usually a destination or point of reference.

In a GPS unit, a route normally consists of one or more waypoints. When navigating this route, one navigates to the nearest waypoint and then change course towards the next.

To identify these waypoynts in a GPS, one normally has the possibility to enter a name for each pont.