Wisdom is the ability to make right choices. This does not mean the possessor of wisdom will actually make those right choices.
Wisdom is a product of understanding. Understanding is key. Without it one cannot effectively apply wisdom.
The Wise Man
The one who makes right choices is one who is wise.
The Fool
The one who makes wrong choices when wisdom has been made available is a fool, or foolish.
The Ignorant
The one who makes wrong choices when wisdom has not been made available is ignorant. An ignorant man may make a “wrong” choice, but he can learn from his mistakes. He can then become one of the first two based on his knowledge.