From The Collaborative International Dictionary of English v.0.48:
Wavy \Wav"y\, a. 1. Rising or swelling in waves; full of waves. "The wavy seas." --Chapman. [1913 Webster]
2. Playing to and fro; undulating; as, wavy flames. [1913 Webster]
Let her glad valleys smile with wavy corn. --Prior. [1913 Webster]
3. (Bot.) Undulating on the border or surface; waved. [1913 Webster]