1. A dance move, typically performed by a single person, but can be performed in unison, consisting most simply of both hands in the air and a sway with, or not with, the music.
2. Used as a phrase to mean "going out dancing" not with the intent to hook up, but rather to dance in such said, solo style.
3. A rather novel form of dance with origins in hip-hop and bollywood traditions, but with less emphasis or need for rhythm.
"Fuck girls. I just want to wave the wheat!"
"Gosh this week is killing me, I can't wait to wave the wheat on friday!"
"That wedding was pretty lame, there was a ton of wheat, but no one was waving it!"