Hola Randy,
I'll take a shot at his one as it a really hard one to explain, especially since is used differently in different countries.
Where I come from (Chile) "Onda" could be translated as "mood".
If you are "Buena onda" it really points to what mood you’re in, saying "Buena" it means that you are in a good or hip or cool mood. If you say you are in "Mala onda" it means you are in a foul or bad mood.
There is also "¿Que onda?", used when you want to know what someone is up to....
My guess is that “tengo ondas” means that he is being a cool or chilled dude.
I Hope that helps, I know that in Mexico "Onda" is used a lot and with different meaning but at the end of the day it usually points out to some type of mood.
Mauricio
Tener Ondas

Mauricio
October 10, 2006

Randy1
October 11, 2006
Hello all,
I like to read Calvin and Hobbes in Spanish, it was always my favorite comic. Anyway, a few days ago, Hobbes asked what Calvin was doing, and he replied "Tengo ondas". Over the next couple of days, Hobbes put on a sombrero, and then Mickey Mouse pants in an effort to "poder tener ondas" also. I know this literally means to 'have waves' or 'have understanding', but I took it to mean being hip, or cool, something like that. Can anyone help me with this translation?
Thanks,
Randy

nohablo
October 11, 2006
[quo]*Quote from * Randy
I know this literally means to 'have waves' or 'have understanding', but I took it to mean being hip, or cool, something like that. Can anyone help me with this translation?
[/quo]
Hola Randy. I think you're right. My Larousse Spanish/English English Spanish College Dictionary includes in its listing for *onda* the following:
*tus primos tienen muy buena onda* - your cousins are really cool.

Randy1
October 11, 2006
¡Muchas gracias amigos! ¡Me han prestado una gran ayuda con esto!
Randy