SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 SCHEDULE 13G
                                (Rule 13d-102)


             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
                           PURSUANT TO RULE 13d-2(b)

                                (Amendment No. 3)


                       Wave Wireless Corp (f/k/a P-Com, Inc.)
                               --------------------
                                (Name of Issuer)


                     Common Stock, par value $0.0001 per share
                         ------------------------------
                         (Title of Class of Securities)


                                   94352W106
                                ----------------
                                 (CUSIP Number)


                               December 31, 2006
            -------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

          [_]  Rule 13d-1(b)

          [X]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)



(1)  The  remainder  of this  cover  page  shall be filled  out for a  reporting
     person's  initial  filing on this form with respect to the subject class of
     securities,  and for any subsequent amendment containing  information which
     would alter the disclosures provided in a prior cover page.

     The  information  required in the remainder of this cover page shall not be
     deemed to be "filed"  for the purpose of Section 18 of the  Securities
     Exchange Act of 1934 or otherwise  subject to the  liabilities of that
     section of the Act but  shall be  subject  to all other  provisions  of the
     Act (however,  see the Notes).



________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 02 of 09 Pages
________________________________________________________________________________

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     SDS Capital Group SPC, Ltd.
________________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [X]
                                                                 (b)  [ ]

________________________________________________________________________________
3.   SEC USE ONLY



________________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Cayman Islands
________________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           11,888,633 (1)
               _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          0
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         11,888,633
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            0
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     11,888,633
________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
     9.99% (1)
________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     CO
________________________________________________________________________________

(1) Includes 27,635,340 shares issuable upon the conversion of 276.3534 Series J
Convertible Preferred shares; 488,680 shares issuable upon conversion of 244.35
Series G Convertible Preferred shares and 15,870,234 shares issuable upon
exercise of warrants. The Reporting Person may not convert the convertible
preferred or exercise the warrants to the extent such conversion or exercise
would result in the Reporting Person beneficially owning in excess of 9.999% of
the Issuer's issued and outstanding shares of common stock.



________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 03 of 09 Pages
________________________________________________________________________________

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     SDS Management, LLC
________________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [X]
                                                                 (b)  [ ]

________________________________________________________________________________
3.   SEC USE ONLY



________________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
________________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           0
               _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          11,888,633
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            11,888,633
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     11,888,633
________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
     9.99%
________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     CO
________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 04 of 09 Pages
________________________________________________________________________________


1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Mr. Steven Derby
________________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [X]
                                                                 (b)  [ ]

________________________________________________________________________________
3.   SEC USE ONLY



________________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
________________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           0
               _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          11,888,633
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            11,888,633
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     11,888,633
________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
     9.99%
________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     IN
________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 05 of 09 Pages
________________________________________________________________________________



Item 1(a).  Name of Issuer:

            Wave Wireless Corp.

Item 1(b).  Address of Issuer's Principal Executive Offices:

            1996 Lundy Avenue
            San Jose, CA 95131

Item 2(a).  Name of Person Filing:

            SDS Capital Group SPC, Ltd. ("SDS Capital Group")
            C/o Ogier Fiduciary Services (Cayman) Ltd.
            113 South Church Street, PO Box 1234GT
            George Town, Grand Cayman
            Cayman Islands corporation

            SDS Management, LLC (the "Investment Manager")
            53 Forest Avenue, 2nd Floor
            Old Greenwich, CT 06870
            Delaware limited liability company

            Mr. Steven Derby
            Sole Managing Member of the Investment Manager
            53 Forest Avenue, 2nd Floor
            Old Greenwich, CT 06870
            United States citizen

            SDS Capital Group, the Investment Manager, and Mr. Derby are
            collectively referred to herein as the Reporting Persons.


________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 06 of 09 Pages
________________________________________________________________________________

Item 2(b).  Address of Principal Business Office, or if None, Residence:

            See Item 2(a).

Item 2(c).  Citizenship:


Item 2(d).  Title of Class of Securities:

            Common Stock, $0.0001 par value (the "Common Stock")

Item 2(e).  CUSIP Number:

            94352W106

Item 3.     If This Statement  is Filed  Pursuant to  Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

            Not Applicable

Item 4.  Ownership.

     1.   SDS Capital Group

     (a)  Amount beneficially owned: 11,888,633 (2)

     (b)  Percent of class: 9.99% (2)

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote : 11,888,633 shares

          (ii)  Shared power to vote or to direct the vote : 0 shares

          (iii) Sole power to dispose or to direct the disposition of 11,888,633
                shares,

          (iv)  Shared power to dispose or to direct the disposition of 0 shares

        (2) Includes 27,635,340 shares issuable upon the conversion of 276.3534
            Series J Convertible Preferred shares; 488,680 shares issuable upon
            conversion of 244.35 Series G Convertible Preferred shares and
            15,870,234 shares issuable upon exercise of warrants. The Reporting
            Person may not convert the convertible preferred or exercise the
            warrants to the extent such conversion or exercise would result in
            the Reporting Person beneficially owning in excess of 9.999% of the
            Issuer's issued and outstanding shares of common stock.

     2.   The Investment Manager

     (a)  Amount beneficially owned: 11,888,633

     (b)  Percent of class: 9.99%

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote : 0 shares

          (ii)  Shared power to vote or to direct the vote : 11,888,633 shares

          (iii) Sole power to dispose or to direct the disposition of 0
                shares,

          (iv)  Shared power to dispose or to direct the disposition of
                11,888,633 shares


________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 07 of 09 Pages
________________________________________________________________________________

     3.   Mr. Derby

     (a)  Amount beneficially owned: 11,888,633

     (b)  Percent of class: 9.99%

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote : 0 shares

          (ii)  Shared power to vote or to direct the vote : 11,888,633 shares

          (iii) Sole power to dispose or to direct the disposition of 0
                shares,

          (iv)  Shared power to dispose or to direct the disposition of
                11,888,633 shares


Item 5.  Ownership of Five Percent or Less of a Class.

         Not applicable.

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

         Not appilcable

Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company or Control
         Person.

         Not applicable

Item 8.  Identification  and  Classification  of Members of the Group.

         Not applicable

Item 9.  Notice of Dissolution of Group.

         Not applicable

Item 10.  Certifications.

         By signing below I certify that, to the best of my knowledge and
         belief, the securities referred to above were not acquired and are not
         held for the purpose of or with the effect of changing or influencing
         the control of the issuer of the securities and were not acquired and
         are not held in connection with or as a participant in any transaction
         having that purposes or effect.


________________________________________________________________________________

CUSIP No. 94352W106                  13G                    Page 08 of 09 Pages
________________________________________________________________________________

                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

Dated: February 14, 2007

                            SDS CAPITAL GROUP SPC, LTD.
                            By: SDS Management, LLC, its Investment Manager


                            By: /s/ Steven Derby
                                ------------------------------------
                            Name: Steven Derby
                            Title: Director

                            SDS MANAGEMENT, LLC


                            By: /s/ Steven Derby
                                ------------------------------------
                            Name: Steven Derby
                            Title: Managing Member


                            /s/ Steven Derby
                            ----------------------------------------
                            Steven Derby




                                    EXHIBIT 1

            The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.

Dated: February 14, 2007

                            SDS CAPITAL GROUP SPC, LTD.
                            By: SDS Management, LLC, its Investment Manager


                            By: /s/ Steven Derby
                                ------------------------------------
                            Name: Steven Derby
                            Title: Director

                            SDS MANAGEMENT, LLC


                            By: /s/ Steven Derby
                                ------------------------------------
                            Name: Steven Derby
                            Title: Managing Member


                            /s/ Steven Derby
                            ----------------------------------------
                            Steven Derby