I believe the fair use doctrine applies in this situation. Its your knife, do what you want to it
Well, "fair use doctrine" is the right phrase, but the reasoning is a bit off target.
If I were you, i'd be a little hesitant to advertise that you're emulating the Wave for your friends, I'm not sure if Ernest Emerson is the suing type, but I wouldn't enjoying finding out.
It doesn't if Mr. Emerson is the suing type or not. You may use a patented idea freely as long as your not selling it or incorporating it into a product that you'll then sell. Certainly using it for your own personal use is no problem at all.
That's one of the reasons for patents. When you file a patent, you have to write a document called a "disclosure" in which you completely disclose your idea. With very few exotic exceptions, your disclosure becomes a public document. They used to be filed in just two federal offices and a few libraries tried to keep parallel copies too. But, now you can download them off the internet for free. Every patent begins with the phrase "This patent teaches..."
That's what patents are all about -- teaching. Mr. Emerson has taught us all a new way to open a folding knife. In exchange for teaching us that lesson, we have given him the exlusive right to profit from that invention for 17 years. But, we can all start using it right now.
In fact, maybe experimenting with Mr. Emerson's idea on your own personal knives will inspire one of you to come up with some new, even better method. In this way, patents encourage innovation.