Naam and shabad are mystical terms meaning Divine manifestation and the Gurusí divine utterances (Gurbani) that contain that Akaal Purakh, that Timeless One. Waheguru is an expression of expressing awe, wonder and ecstatic joy of the devotee as he or she experiences the immensity and grandeur of that Timeless One, Creator, Sustainer and Destroyer.
The Creator is Transcendent and Immanent at the same time. Creation is the Creatorís leela or cosmic play and he enjoys it, is it, yet the Creator remains unattached. Guru Arjan describes the Creator in several shabads (hymns from the Sikh scriptures) as "Unattached and Unentangled in the midst of all" (GG, 102, 294, 296); and "Amidst all, yet outside of all, free from love and hate" (GG, 784-85).
Creation provides a glimpse of the Timeless and Boundless Oneís manifestation. The Creator is Transcendent and Immanent, nirguna and sargun, without and within his creation.