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3.
No matter how badly someone might break your heart, after enough time passes, we still aren't ready to burn that bridge. If you saw them again, you would still be somewhat cordial and polite. Just give an honest honk and wave. Make him/her feel like an ass.
"She really broke my heart in two. If we drove side-by-side on the highway, maybe i could honk and wave." - paraphrased from a Limbeck song.
by pj.sf July 19, 2012
 
1.
When driving in your car with your mates, you honk your horn and wave at strangers hoping to get a wave in reply
We drove through Weymouth yesterday playing 'Honk and Wave' and got loads of people to wave back, it was great!
by RWS2610 April 30, 2006
 
2.
When riding in a car with a group of people, the process of honking at a person/persons on one side of the road and waving in the opposite direction in order to make the person wave and feel embarrassed to have waved at no one waving back at them. This process is popular amongst young males driving merely out of boredom.
So we were driving around this afternoon and saw this mom walking her dog, we got her with the honk and wave, she looked so embarrassed.
by Mechmaster May 12, 2009