The wavefunction isn't physical - remember it's describe by complex quantities. What is a physically representable property is the wavefunction (in position representation) squared, which gives the probability of finding the particle in a certain point in space (or describes your 'cloud' if you like). What is also 'physical' is information you can get from the system at a given time (I forget the orginator, but the quote 'Information in Physical' applies here!).
These other 'physical' quantities result from measurements on the wavefunction. For example, the momentum operator is [itex]\hat p = -i\hbar\nabla[/itex], and the position operator is [itex]\hat x = x[/itex]. You perform a measurement of the operator on a wavefunction and the wavefunction then collapses to the eigenvector corresponding to the eigenvalue you measured. Note in the momentum and position case, these eigenvectors / values form a continuous spectrum, as oppoed to, say, a measurement of spin.
So, how much 'physical' information can we get out of a system? This is where the HUP plays a role (well, really where it's derived from). There is a function on operators (well, actually it's another operator) called the commutator, defined as [A,B] = AB - BA. If this doesn't equal 0, then the two operators can't be measured together to arbitary precision. From working out expectation values of measurements on [itex]\hat p[/itex] and [itex]\hat x[/itex] the HUP can be derived.
Note as an interesting 'side effect' / property of operators that do commute (and therefore can be measured together) - they share the same eigenspace.
So, the wavefunction is abstract, but we can get physical information by measuring operators on it.