The crux of the issue here is that a waifu is imagination personified. By definition, she is how you fantasize her, and this thought is aided in taking form through a personality set forth in the original source material she came from. The healthy man knows he is imagining his waifu, and accepts this.
Definition of lye. 1 : a strong alkaline liquor rich in potassium carbonate leached from wood ashes and used especially in making soap and for washing; broadly : a strong alkaline solution (as of sodium hydroxide or potassium hydroxide )
The main ingredient, lye, is a very corrosive material that's also used in making drain cleaner and paper. It is sometimes sold as caustic soda or sodium hydroxide, and is often found in hardware stores or from soap-making supplies vendors. Lard is animal fat, generally made from farm animals, like pigs.