The characteristic impedance of a cable (it was coaxial cable I was interested in) is, as far as i know, its high frequency impedance (if we supply the line with some signal, the line draws some current from the source and the ratio voltage/current defines the characteristic impedance of the cable. (the cable acts as a series of LC cells, and is lossy because of its resistance)
As regards the relation between wave and medium impedance, I don't know if there is a general formula to characterize this. I know that the wave's velocity depends on medium permitivity which in turn is dependendent on waves' frequency.