The Collaborative International Dictionary of English v.0.48:

Wave \Wave\, v. i. [imp. & p. p. Waved; p. pr. & vb. n.
   Waving.] [OE. waven, AS. wafian to waver, to hesitate, to
   wonder; akin to w[ae]fre wavering, restless, MHG. wabern to
   be in motion, Icel. vafra to hover about; cf. Icel. v[=a]fa
   to vibrate. Cf. Waft, Waver.]
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   1. To play loosely; to move like a wave, one way and the
      other; to float; to flutter; to undulate.
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            His purple robes waved careless to the winds.
                                                  --Trumbull.
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            Where the flags of three nations has successively
            waved.                                --Hawthorne.
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   2. To be moved to and fro as a signal. --B. Jonson.
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   3. To fluctuate; to waver; to be in an unsettled state; to
      vacillate. [Obs.]
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            He waved indifferently 'twixt doing them neither
            good nor harm.                        --Shak.
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The Collaborative International Dictionary of English v.0.48:

Waved \Waved\, a.
   1. Exhibiting a wavelike form or outline; undulating;
      intended; wavy; as, waved edge.
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   2. Having a wavelike appearance; marked with wavelike lines
      of color; as, waved, or watered, silk.
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   3. (Her.) Having undulations like waves; -- said of one of
      the lines in heraldry which serve as outlines to the
      ordinaries, etc.
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