Green’s Dictionary of Slang

1. (US black) ostentatious; fashionably dressed.

2008		Urban Dict. 22 May 🌐 Damn girl!, that guy Phats over there is so wavy!
2018		Young M.A. ‘I Got the Bag’ 🎵 Prolly been a wavy nigga, like back-back in my past time.

2. (UK black) blurred through intoxication.

2020

G. Krauze What They Was 148: New Year’s Eve is wavy enough that I don’t remember much. Party at Yassmin’s.