Kas
WAIT mode is entered by executing the Cortex WFI instruction [__asm__("wfi")]. Any interrupt will wake from this mode since peripherals and clocks remain functional.
STOP mode is entered by executing the same instruction but first setting the SLEEPDEEP bit in the Cortex SYSTEM_CONTROL_REGISTER. In the STOP mode there are various settings that can be used in the Kinetis derivative to control which clocks remain enabled (this is part specific so you need to look through the power management section of the manual for your specific device).
In the STOP mode the KBI and IRQ pins can be used to wake-up.
Regards
Mark