Waves rhymes with:
waives, aftershaves, behaves, braves, braves', cave's, caves, chaves, craves, dave's, daves, draves, graves, knaves, maves, misbehaves, paves, raves, save's, saves, shaves, slaves, staves, taves, waives
Waves sounds like:
wabash, wabash's, waives, weaves, webb's, webbs, webs, weeps, whipkey, whipps, whips, whipsaw, whoops, wiebke, wiebusch, wife's, wipes, wives, wives', wobig, wops