This existing discussion could help address questions that have come up again about the existing (and IMO bizarre) entry 'funeral party,' and the need for better translations, or at least short italic descriptions, of terms like Leichenschmaus and 'wake.'
For my region of AE, in my mainline Protestant (but not Lutheran) experience, hb's description in #25 also fits, except that we don't have anything called, or resembling, a wake in either sense.
First, not in what I'll call the historical sense (1), a time of vigil or prayer with the body present, perhaps with lighted candles or other symbols. (I believe Orthodox Jews have someone sit with the body all the time from death until burial, but it's probably called something else. I'm not aware of any other modern faiths that keep that tradition, though there may well be some.)
And also not (2a) a boisterous party with alcohol after the funeral and burial or cremation. Everyone still knows what the word means, and some AE speakers who have a lively party instead of a traditional religious service might use it, perhaps in a humorous sense. But it's not a tradition in the circles I know from my own family or friends.
Based on descriptions so far, other events associated with funerals would not be called a 'wake' in English. That includes (2b) the apparently chiefly southern German (/ Austrian etc.) seated dinner at an inn or restaurant, which I've never heard of in the US.
Depending on how many guests there are, how old the person was, how far people have traveled to attend, etc., people here do often have something that more resembles (2c) the descriptions from northern Germany, namely, a polite gathering with light refreshments, usually either at a relative's house or the church's fellowship hall, with buffet foods, coffee, punch, etc. (Funeral homes here often don't permit food and drink on the premises.) I would call it a reception if I had to call it something.
However, there is no explicit two-word collocation with 'funeral' in my experience -- not *funeral reception, and certainly not *funeral party, *funeral feast, *funeral dinner, or any other such combination. Even if someone finds isolated instances of such expressions online, my sense is that they are probably vanishingly few compared to simply phrasing it in other ways. E.g.,
(written) The family will receive friends after the service in XYZ hall / at the house.
(spoken, perhaps privately to a few closer friends and relatives) "We're having a few people over after the service. We'd love to visit with you if you have time to stop by the house."
So I would say that for probably a large group of AE speakers, as evidently for at least some BE speakers like mikefm and Kinky, there is nothing in modern life that is called a 'wake,' it's only an expression that we know from books. (Like, indeed, James Joyce, though I confess I have never read 'Finnegan's Wake,' and had never heard of the ballad until now.)
The questions now seem to be ...
• What regions and/or religious traditions have which of the above kinds of event?
• Under what conditions (Catholic? Irish? other British? other American?) might any of them might still be called a 'wake' in modern English?
• What other terms are used in German and English for each sense?