I gather that the phone is wavy, hence the name. From what I do see, it does in fact look like a pretty sleek phone.
For the specs now, there is a 1.3MP cam that can also record video. As far as media goes, there is the MP3 player with external controls and a memory card slot allowing for more storage as well as the A2DP Bluetooth profile.
Other than that, there is the integrate GPS. So really the phone isn't anything to write home about other than its sleek looks and low price of $80 with a 2-year contract.
LG Wave Crashes On Shores Of Alltel [via CrunchGear]