Long shot but are you the original owner? Any chance the former owner sealed it with something?
I don't believe sealing is encouraged on a Wave but I've read about the owners of other models sealing theirs. The previous owner may have thought it was required.
I am the third owner. The original owner allegedly only took it out only a few times. The second owner never took it out at all.
You may be on to something. There seems to be a very thin material of some sort between the two sections. I wondered if there was a gasket of some sort that allowed for a compression fit as the sections are joined together. If there isn't a gasket of any sort, then it looks like an adhesive was used.
My primary reason for wanting to take it apart was so I could store the entire rig in my garage with the shrouds and forestay attached. There is no way the mast will go in the garage assembled. I will have to remove the shrouds and forestay each time and carry the mast into the back yard after every use. Or I could store it completely assembled on its trailer in the driveway in front of the house and hang a sign on it inviting anyone who wants it to steal it.
To add to my post, as I handle the mast I can hear water inside sloshing back and forth. Not a lot of water, but I can hear it.