The Collaborative International Dictionary of English v.0.48:

Wavy \Wav"y\, a.
   1. Rising or swelling in waves; full of waves. "The wavy
      seas." --Chapman.
      [1913 Webster]

   2. Playing to and fro; undulating; as, wavy flames.
      [1913 Webster]

            Let her glad valleys smile with wavy corn. --Prior.
      [1913 Webster]

   3. (Bot.) Undulating on the border or surface; waved.
      [1913 Webster]

WordNet (r) 3.0 (2006):

wavy
    adj 1: (of hair) having waves; "she had long wavy hair"
    2: uneven by virtue of having wrinkles or waves [syn:
       crinkled, crinkly, rippled, wavy, wavelike]

Moby Thesaurus II by Grady Ward, 1.0:

107 Moby Thesaurus words for "wavy":
   adrift, afloat, alternating, amorphous, bent, billowing, billowy,
   capricious, changeable, changeful, curvaceous, curvate, curvated,
   curve, curved, curvesome, curviform, curvilineal, curvilinear,
   curving, curvy, desultory, deviable, dizzy, eccentric, erratic,
   fast and loose, fickle, fitful, flickering, flighty, flitting,
   fluctuating, freakish, geosynclinal, giddy, impetuous, impulsive,
   inconsistent, inconstant, incurvate, incurvated, incurved,
   incurving, indecisive, infirm, irregular, irresolute,
   irresponsible, labyrinthine, mazy, meandering, mercurial, moody,
   rambling, recurvate, recurvated, recurved, recurving, restless,
   rolling, roving, scatterbrained, serpentine, shapeless, shifting,
   shifty, shuffling, sinuous, spasmodic, spineless, surgy, tortuous,
   unaccountable, uncertain, uncontrolled, undependable,
   undisciplined, undulant, undulate, undulated, undulating,
   undulative, undulatory, unfixed, unpredictable, unreliable,
   unrestrained, unsettled, unstable, unstable as water, unstaid,
   unsteadfast, unsteady, vacillating, vagrant, variable,
   vicissitudinary, vicissitudinous, volatile, wandering, wanton,
   wavering, wavery, wayward, whimsical, wishy-washy