I first heard the term "Waves" when Metro Boomin was interviewed by Elliot Wilson on his Rap Radar Podcast. Basically waves is an energy, a feeling that you have when you are at your element. That's the best definition I can give you but maybe Kanye has something up his sleeve with the new album title.

Swish Waves Drops February 11th, 3 days before Valentines day.
Don't be surprised if there is more changes to the album. Kanye is creating hype now and you best be taking notes. (Get it taking Notes)