Who waved the above listed sections of the Korban Milu'im?
Rashi: Aharon and his sons (the owners) placed their hands underneath those of Moshe (the Kohen), and they waived them together.
What procedure did the Tenufah and the Terumah follow?
Rashi: They waved them in all four four directions (Tenufah), 1 and up and down (Terumah).
See Sifsei Chachamim.
What was the purpose of the Tenufah and the Terumah?
Rashi: The Tenufah was to acknowledge that all four directions belong to Hashem - thereby preventing all forms of punishment that is caused by harmful winds; and the Terumah to acknowledge that Heaven and earth belong to Hashem - thereby preventing harmful dews.