I found the problem myself, it seems that Wavemon definately wants to see something in the COLORTERM env variable.
I have Knoppix installed on the harddrive of my IBM Thinkpad 390E laptop. Everything runs quite nicely, including my wireless NIC except for one tiny problem.
Every time I try to invoke Wavemon I only get a Segmentation Fault.
I've fiddled with all of the settings I can think of (I'm using this installation to learn how to configure wireless networks in Linux) with no change in Wavemon results.
The strangest thing is that Wavemon seems to work fine when I'm running Knoppix from a CD (or even when I boot from CD to a HDD image).
Hardware is an IBM 390E laptop and a NetGear 511 wireless-g card.
Has anyone experienced/debugged this problem?
I found the problem myself, it seems that Wavemon definately wants to see something in the COLORTERM env variable.
Correction, it was the terminal size.
Wavemon wants 80x24
Perhaps some error message would be usefull.

HP ProLiant MicroServer AMD Athlon II Neo N36L 1.3GHz 8GB RAM 4-Bay NAS Server
$99.00
Supermicro 1027GR-TSF 1U Rackmount Server 2x Xeon 2.3GHz 128GB DDR3
$219.99
Supermicro 721-2 Mini Tower Black Computer Server NO Hdd
$375.00
$280.00
New Barebones Supermicro 5019D Server, 4C/8T Xeon D-2123T, 1U Rackmountable, 10G
$449.99
1U Supermicro SuperServer 5019D-4C-FN8TP Xeon D-2123IT 4 Core 32GB X11SDV-4C-TP
$699.00
Supermicro 1U Server X11SCW-F Xeon E-2174G 16GB RAM 1x M.2 NVME 3x PCI-e 2x PSU
$220.00
Supermicro 1U Server 514-4 (X11SSZ-QF) | i7-7700 - 16GB DDR4 Ram - Rackmountable
$249.00
BOXX B157552 SuperMicro X10DRT-L 2x Intel 2630V4 NO RAM & SSD Server
$160.99
Supermicro CSE-833 3U 8-Bay Barebones, w/ power supply, trays, backpane, fans
$200.00