The Wraith is a Covenant hover tank. In Halo 1 it had only one form of armament, a powerful, long-range plasma mortar that was just as, if not more, effective against Covenant units as against humans and the Master Chief.
These tanks also had a habit of running over their support ground troops.
Wraiths were not pilotable by the Master Chief in Halo 1. Once their pilots were killed, the vehicle was useless, as with Banshees and Ghosts.
Sniping a Wraith pilot before he entered the vehicle left the Ghost intact and harmless, but still useless.
The most effective weapons against Wraiths were rocket launchers and the Warthog's LAAG cannon.
In addition to the mortar, in Halo 2 it appears as if the Wraith also has two automatic plasma cannons, probably similar to those on the Banshee and Ghost. This will probably mean slightly different strategies when facing them than in the first game.
The Wraith vehicle, while slow, does have a Boost mode.