Look at the examples using these functions - be careful though, the last time I tested them, they didn't work (this has probably been fixed already or might have been a usage error on my part, but nevertheless if you're going to use them, try the examples first and see if they work).
In a nutshell:
with WK_MS this behaves close to the sleep function, with the difference, that your function is called again after the time elapsed (as opposed to continuing where you called it), and execution is continued after the wake_up call. So it's more like "execute me again after X ms".
with WK_FD your script should be called again as soon as there is new data on the provided file descriptor (useful for e.g. tailing a self built log mechanism or theoretically for realtime communications like websockets, but I never got CLIENT_SOCKET working with this, so be careful to check whatever you pass if it's really a file descriptor beforehand)