(Abridged) We carried out an extensive search to identify the counterparts of all the sources listed in the WMAP 3-yr catalogue using literature and archival data. Our work led to the identification of 309 WMAP sources, 98% of which are blazars, radio quasars or radio galaxies. At present, 15 objects still remain without identification due to the lack of optical spectroscopic data or a clear radio counterpart. Our results allow us to define a flux limited sample of 203 high Galactic latitude microwave sources ($f_{41GHz} ge 1$ Jy, $|b_{rm II}| > 15^circ$) which is virtually completely identified (99%). The microwave band is ideally suited for blazar statistical studies since this is the part of the em spectrum that is least affected by the superposition of spectral components of different origin. Using this data-set we derived number counts, luminosity functions and cosmological evolution of blazars and radio galaxies at microwave frequencies. Our results are in good agreement with those found at radio frequencies. The 5 GHz bivariate blazar luminosity functions are similar to those derived from the DXRBS survey, which shows that this sample is representative of the blazar population at 41 GHz. Microwave selected broad- lined quasars are about 6 times more abundant than BL Lacs, a ratio that is similar to, or larger than, that seen at radio and gamma-ray frequencies, once spectral selection effects are taken into account. This strongly suggests that the mechanism responsible for the generation of gamma-rays is, at first order, the same in all blazar types. Our results confirm the findings of Giommi & Colafrancesco (2004, 2006) that blazars and radio galaxies are the largest contaminants of the CMB anisotropy maps. We predict that these sources are also bright gamma-ray sources, most of which will be detected by AGILE and FERMI.
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