We present an improved wavelet tree construction algorithm and discuss its applications to a number of rank/select problems for integer keys and strings. Given a string of length n over an alphabet of size $σ\leq n$, our method builds the wavelet tree in $O(n \log σ/ \sqrt{\log{n}})$ time, improving upon the state-of-the-art algorithm by a factor of $\sqrt{\log n}$. As a consequence, given an array of n integers we can construct in $O(n \sqrt{\log n})$ time a data structure consisting of $O(n)$ machine words and capable of answering rank/select queries for the subranges of the array in $O(\log n / \log \log n)$ time. This is a $\log \log n$-factor improvement in query time compared to Chan and Pătraşcu and a $\sqrt{\log n}$-factor improvement in construction time compared to Brodal et al. Next, we switch to stringological context and propose a novel notion of wavelet suffix trees. For a string w of length n, this data structure occupies $O(n)$ words, takes $O(n \sqrt{\log n})$ time to construct, and simultaneously captures the combinatorial structure of substrings of w while enabling efficient top-down traversal and binary search. In particular, with a wavelet suffix tree we are able to answer in $O(\log |x|)$ time the following two natural analogues of rank/select queries for suffixes of substrings: for substrings x and y of w count the number of suffixes of x that are lexicographically smaller than y, and for a substring x of w and an integer k, find the k-th lexicographically smallest suffix of x. We further show that wavelet suffix trees allow to compute a run-length-encoded Burrows-Wheeler transform of a substring x of w in $O(s \log |x|)$ time, where s denotes the length of the resulting run-length encoding. This answers a question by Cormode and Muthukrishnan, who considered an analogous problem for Lempel-Ziv compression.