As nouns the difference between wane and wame
is that
wane is a gradual diminution in power, value, intensity etc or
wane can be (scotland|slang) a child or
wane can be (chiefly|northern england|and|scotland|obsolete) a house or dwelling while
wame is (scotland|northern england) the belly.
As a verb wane
is (
label) to progressively lose its splendor, value, ardor, power, intensity etc; to decline.