I have a question about PW. According to the FAQ, "Pulse wave ignores all team abilities and powers, friendly or opposing, within range." So that anyone with damage-reducing powers in range would be nullified, right?

So the question comes from the line on PAAC that says, "If there is a clear line of fire to only a single figure, Energy Pulse will deliver this character’s normal damage if the target
is successfully hit."

So does that mean if a charater with Invulnerability is the only one in range of my V Human Torch when gets PW, that the full 4 clicks of damage is inflicted?

Yep, he still has to hit with that abominable AV though....

Yes, and his AV should spike on that click along with the damage, but that's a whole other issue!