Meaning of words in Latin
What is Vale and Valete in Latin? The dictionary won't recognize it.
Yes, you're right.
The basic meaning of the verb (valere) is "to be well, to fare well." It was common to express the sentiment, in letters: Si tu vales, ego valeo (If you are well, I'm well).
Yes, you're giving the "command", Be well! when you say Vale! (to one person) or Valete! (to more than one)--used in leave-taking. Salve! / Salvete! are the greeting formulae.