The -ing form can be used as a noun. For example: "reading is my favorite activity in my spare time."
It can also be used as an adjective, for example: "That movie had a very surprising end".
The -ing form can also be used as a verb in the progressive or continuous tense, for example: "I am watching TV now." (I am watching TV at this moment). Or: "I was waiting for him, when she told me he would not come to the party." (The action of waiting was in the past, when I heard he would not come to the party).