You should get comfortable using Math.sin() and Math.cos(). Look into simple trig functions and memorize converting radians and degrees. There are many cool and interesting tricks you can re-use in different contexts once you have a good grasp on these concepts. The following snippet demonstrates how to move an object with "a wave like form". It may not be exactly what you are looking for but it should help you get where you trying to go. It is written in the AS3 using the CS4 IDE.
var n:Number = 0;
var ball:MovieClip = new MovieClip();
ball.graphics.beginFill( 0xFFCC00, 1 );
ball.graphics.drawCircle( 0, 0, 15 );
addChild( ball );
ball.x = stage.stageWidth;
ball.y = stage.stageHeight * .5;
var prev:Point = new Point(ball.x, ball.y);
addEventListener( Event.ENTER_FRAME, onEnterFrameHanlder );
function onEnterFrameHanlder( event:Event ):void
{
n+=3;
ball.x = Math.cos( n * .25 * Math.PI/180 ) * ( stage.stageWidth * .5 ) + ( stage.stageWidth * .5 );
ball.y = Math.sin( n * Math.PI/180 ) * ( stage.stageHeight * .5 ) + ( stage.stageHeight * .5 );
graphics.lineStyle( 1, 0xFFCC00 );
graphics.moveTo( ball.x, ball.y );
graphics.lineTo( prev.x, prev.y );
prev.x = ball.x;
prev.y = ball.y;
}