I don't think so, Eric... because you can barely hear the trailing end of the word the first time he says it, and it sounds as though it ends with "--eet". It definitely ends on a "t" sound.
From watching his lips, I think it's actually "sweet", but in any event, clearly said with a lisp... which is what got it blanked out.
I have no idea how you'd get to "wave" using that clue, but apparently it worked...
- Kevin