The cheapest graphics card you can play it on is an NVIDIA GeForce 7100 / nForce 630i. To play Waves 2 you will need a minimum CPU equivalent to an Intel Core 2 Duo T7250. Whereas, an Intel Core 2 Quad Q8300 is recommended in order to run it. You will need at least 250 MB of free disk space to install Waves 2. Waves 2 system requirements state that you will need at least 4 GB of RAM. Additionally, the game developers recommend somewhere around 8 GB of RAM in your system.
Waves 2 will run on PC system with Windows Vista/7/8/10 and upwards.