Theta state or REVERIE….

Going deeper into relaxation, one can  enter the elusive and mysterious Theta state where brain activity slows almost to the point of sleep…

Theta is the brain state where magic happens in the crucible of your own neurological activity. Theta brings forward heightened receptivity, flashes of dreamlike imagery, inspiration, and your long-forgotten memories. Theta can bring you deep states of meditation.
 A sensation of "floating." And, because it is an expansive state, in Theta, you may feel your mind expand beyond the boundaries of your body. (http://www.brainsync.com/)

Theta waves range between 4-7 HZ.
Theta is also called a state of day dreaming or reverie !
Theta meditation increases creativity, enhances learning, reduces stress and awakens intuition and other extrasensory perception skills.

Artists and creative individuals are said to be in a god-gifted theta stage. A lot of mediation techniques also claim to induce theta through deep meditation.