The words waives, waves sound the same but have different meanings and spellings. Why do waives, waves sound the same even though they are completely different words?
The answer is simple: waives, waves are homophones of the English language.
Plural form of waive.
Third-person singular simple present indicative form of waive.
Plural form of wave.
Third-person singular simple present indicative form of wave.
Definitions from Wiktionary, Creative Commons Attribution/Share-Alike License and Wordnik.
Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.