Daily Editorial

Wave (verb) - Move one's hand to and fro in greeting or as a signal.
(noun) - A long body of water curling into an arched form and breaking on the shore.
Synonyms: Ripple, Vibration, Oscillation, Undulation.
Example: The electromagnetic wave theory is highly accepted in light phenomena.

Waive (verb) - Refrain from insisting on or using (a right or claim)./ to give up one’s rights or claims
Synonyms: Relinquish, Renounce, Give Up, Abandon.
Example: Some insurance companies will waive rate increases for drivers who have excellent driving records.