The most common and most likely answer to this crossword clue is the 8 letter word CRIMPING
I've seen this crossword clue in The Daily Telegraph
C
R
I
M
P
I
N
G
Buddy explains!
The straight part
We know that "making waves" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case making waves = crimping.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CRIMPING mean?
CRIMPING verb- To press into small ridges or folds, to pleat, to corrugate.
- To fasten by bending metal so that it squeezes around the parts to be fastened.
- To pinch and hold; to seize.
- To style hair into a crimp, to form hair into tight curls, to make it kinky.
- To bend or mold leather into shape.
- To gash the flesh, e.g. of a raw fish, to make it crisper when cooked.
- To impress (seamen or soldiers); to entrap, to decoy.
- The act by which something is crimped.