i got one of those black leather clip-on pouches for the victorinox/wenger sak's recently and found if you fold the flap into the pouch it makes a great open top sheath for the wave. i wear it on my ride side just in front of the hip and it gives a quick one-hand draw, with the clip point blade in the right position for a fast thumb opening, it's also very secure, i've wore mine several times all day without any problems, pretty comfortable too. 
http://www.leatherman.com/shop/shop.aspx?category=17
and the best thing is there only $6 bucks...
http://www.leatherman.com/shop/shop.aspx?category=17
and the best thing is there only $6 bucks...