The wave system seems to be just a fan that extracts air out of the basement. If your other rooms have AC it might draw dryer air in to reduce humidity. You could probably rig up a duct fan with a humidistat to get the same result for a fraction of the cost.
A dehumidifier is really the only way to remove moisture in the air. At home we installed a ductless AC last year in our basement but it's just too cold and it short cycles so it's still humid. We have to add a de-humidifier as well.
Our condo a the lake is 1/2 below grade so we run a dehumidifier all the time and it just pumps out automatically. Keeps the RH at 45% and no smell.
There are some built in dehumidifiers from SantaFe and Aprilair but they are around $1500....
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