Wave functions and probability densities are fundamental concepts in quantum mechanics, where the wave function describes the state of a quantum system and allows for the prediction of measurable properties. The probability density, derived from the wave function's square modulus, indicates the likelihood of finding a particle in a specific location. The discussion highlights the complexity of deriving wave functions, typically achieved by solving Schrödinger's equation for simple systems like electrons in a box or hydrogen atoms. Participants express curiosity about the process of obtaining wave functions and clarify their understanding of related mathematical concepts. Overall, the conversation emphasizes the intriguing nature of quantum mechanics and the challenges in grasping its principles.