The hike from the trail head is only 3 miles, but to protect the landscape there is no marked trail, and apparently people frequently get lost and never find The Wave (it can also be extremely hot in the summer, and there is no shade. Water must be carried). There is apparently a guide sheet which can be used with a compass, a GPS or using visual landmarks.
This video clip shows the lottery process, the drive to the trail head and part of the trail.If you ever get there, take lots of photos (and videos). It promises to be a unique experience. But please don't go if you are inexperienced or take a risk in high summer when the weather is too hot (or without enough water). This can be a dangerous hike for the unprepared. (If like me, you're happy with just viewing the lovely images, they're on Flickr, and there are numerous videos on YouTube).
And this one shows part of the trail and, eventually, The Wave (around 2:09 if you're short on time and don't want to watch the whole video).