Recent observations from SEGUE, RAVE, and LAMOST have revealed tantalizing evidence that the local stellar disk of the Milky Way is in a state of disequilibrium. In particular, the disk appears to exhibit bending and breathing waves normal to its midplane within 2 kiloparsecs of our position within the disk. There also appear to be bending waves or corrugations at larger Galactocentric radii. These waves may be linked to other time-dependent disk phenomena such as the bar, spiral structure, and warp, or they may be the result of a passing dark matter subhalo or dwarf galaxy. Here, we discuss the observational evidence for these waves, the theory of bending and breathing waves in (simulated) stellar disks, and implications of disequilibrium for attempts to determine the local vertical force and dark matter density (the Oort problem). We also discuss the types of analyses that one might do with the Gaia
database.