What is the significance of washing the feet instead of doing the wuzu* before saying the prayers?
Does it equate to wuzu? Or is it a type of wuzu?
* by wuzu I mean the widely know practice involving washing/wiping of the face, hand and feet
I do not know where this comes from, but it is not correct. When making wudu one must do all of the limbs of wudu and not just do one. So in short there is no significance of washing the feet instead of Wudu, as that is not wudu and is invalid. But if for instance one has made wudu and did his left foot forgetting his right, or forgot to do his feet all together, then if his limbs are still wet then he does his feet, from right to left, without having to start over.
But that is in regards to whom forgets to do a limb in wudu, which I do not believe is your question.