(See the best response by Inutaishos.)
I can't seem to find any documentation on the new wave filter, how is it used?
Best response
its explained in the filters references; f1 scroll down, theres even a proc sample there
After downloading the latest beta, you can find documentation on the wave filter (and other filters) in the DM Reference (press F1 in Dream Maker) under the topic "Filter effects".
Apologies, looks I never updated to 1427. Thanks for the help anyway.
If you have any more specific questions than the reference provides, or find it confusing in any part, please let me know.

The gist of the filter is that it creates a compression/expansion distortion wave, or you can turn the distortion sideways so it creates more of a wiggle.