Spyderdrop refers to gripping the blade by the hole with the tip pointing up, then flicking the handle down to open the knife (essentially, hold the blade, drop the handle).
The same thing can easily be done with a Buck 110 or any other knife with a heavy handle and enough blade surface to get a good grip on, but that hole makes things a lot easier.
Usually, on a knife that carries tip down, I just pinch the knife at the pivot with my thumb and index finger, and pull up on the knife while rotating my wrist, which swings the handle into my palm. Then I thumb the blade open.
On a tip up knife, I usually slide my thumb along the side of the handle as far down into the pocket as it will reach, then squeeze and pull the knife out of the pocket, which places it in my palm, ready to thumb open.
The wave feature allows the spine of the blade to catch on the corner of your pocket, flipping the blade open as you draw the knife (only works with tip up carry). Word of warning, if you try this feature on the same side that you have a bunch of keys dangling from your belt, you will deploy a dull knife (voice of experience

)