Wake Dream is the name of a song by Lime, an NRG music group from the 1980s. It is also a dream, of which your mind is still 'awake'; very much like a lucid dream.
"Hey guys, you wanna listen to Lime?"
"Oh yeah! Hey, what's the name of that song that you like so much?"
"... Wake Dream."
"Guys, what do you call it when you go right into a dream, without a lapse in consciousness?"
"Uh, that's what they call a 'wake dream', dude. Were you able to influence what happened in the dream?"
"Yeah. And, I knew it was a dream."
"Yup. That's a wake dream."