Seeing as I have no life at all, I decided to make this upon seeing another version posted here yesterday... this is my take on it.

masswave will wave at everyone in a single line. May there be enough people to exceed 200 chars for all the nicks, it will put the others on a new line, and so on.

alias masswave {
   var %count 1
   var %tok.count 1
   var %total $nick($chan, 0)
   while (%count <= %total) {
      if ($len(%nicks. [ $+ [ %tok.count ]) < 200) {
         var %nicks. [ $+ [ %tok.count ] ] $addtok(%nicks. [ $+ [ %tok.count ] ], $nick($chan, %count), 32)
      }
      else {
         inc %tok.count
         var %nicks. [ $+ [ %tok.count ] ] $addtok(%nicks. [ $+ [ %tok.count ] ], $nick($chan, %count), 32)
      }
      inc %count
   }
   var %count 1
   while (%count <= %tok.count) {
      .timer 1 2 describe $chan waves at %nicks. [ $+ [ %count ] ]
      inc %count
   }
}