WordPress Codex and what wikis do for me

Though a new person to using WordPress, I have been toying with moving my entire site to using WordPress. Thinking about how to handle static or even dynamic non-time sensitive data in my site, I was particularly intrigued by the WordPress Codex and its structure of non-time-sensitive paragraphs which can be edited. Are these paragraphs part of a plug-in capability (e.g., Wiki, or MicroWiki), or are they just standard Page entries? I’m guessing this is part of a wiki functionality. Also, are the pages on which these paragraphs reside considered Pages (that’s capital “P”).

-ken