S.B.
How can a 3 year old wave wrong? Unless of course he's royalty and committing a feaux pas that could have international repercussions.
As long as he's not giving the middle finger salute...I think you're okay.
A lot of little kids, including my own, wave with their palms and fingers pointing back at themselves. They are mimmicking what they see when others wave at them. Some little ones wave side to side and all over with their hand flopping in the air.
As far as hitting the furniture, you may have a little drummer in the making. My son started percussion lessons and he beat on every piece of furniture in my house with his drum sticks until I bought him a drum pad. It's portable, cost about $15 at the music store. A set of drum sticks is only about $3. Get him some sticks and a drum pad and tell him that's what he can beat on to make "music" for mommy. (You may also want to invest in some earplugs). A drum pad is actually soft and it's used to practice rhythms on. It's not like a loud drum or anything.
Get these for him for his 3rd birthday.
Save your furniture!
Don't worry about the wave.