Alright; so everyone dealing with this is on the same page I'm got an explenation~
What is going on
The short version is that Waverly's in a coma.
The longer version involved the process through which the Light functions in Ingenting (which I actually didn't think would take place here in the City but ... silly me)
When Harry and Kojiro fought, Waverly 'called' Kojiro's sword to her. She still has no idea how she did it. However, through this action she ended up 'activating' herself.
Why is this happening
The entire reason for the Light is to keep balance. Not all the beings set into Ingenting are the sort that would 'play nice'. They need a calming influence in order to keep from ripping one another apart. That is the duty of the light. Think of her kind of like a Brita. She filters all the energy and emotions of Ingenting and releases them back 'purified' or in the form of pure bliss. This helps to calm the hostile emotions that are present.
Obviously this isn't happening in The City. What is would be her sucking up negative energy and storing it with no place to send it to. She's been doing that for about three to four months - the strain finally started to take it's toll about three weeks ago when she stopped sleeping and still felt full if energy (clues to it are littered throughout her journal).
Basically that means she is overfull. As she is, she can't handle the strain - this caused her to lose it and pass out. (The drawing of Ingenting and 'help' on the living room wall in make up and the walking out blindly into the water.)
What can be outwardly seen about this
For starters - she isn't awake. She doesn't LOOK like she's going to wake up either.
Her body has a warm blush to it and she is warm to the touch.
If anyone were to see her before she went comatose; they would have noticed her eyes being a more pure shade of green. Not creepy, just more green then they should be.
The day of all the water, she really wasn't answering anyone and just drawing with make up on the wall. It would have been paint, but she'd given up painting for Lent.
How can this be fixed
It's actually pretty simple. Drain the excess out of her. Once she is back to a normal energy level she'll wake back up without any knowledge of what happened just before she went out.