“Waive” and “wave”, people.
To waive something is to refrain from using or insisting on it. A speaker can choose to waive his or her customary fee for a good cause; a school may choose to waive a particular entrance requirement for an otherwise promising applicant.
To wave something, on the other hand, is to float, shake, or move it back and forth. The homecoming queen on the parade float will wave her hand at the crowd; the kids at the Fourth of July picnic will wave sparklers in the air. (Or at least, they used to wave them. For all I know, juvenile sparkler-waving is verboten these days in the name of safety.)
Not the same word. And the spell-checker won’t help you – you’ll have to check for this one with your own two eyes.