We stay further south but the last time we stayed in Waves we really enjoyed Goodwinds and the fabulous sunsets over the sound there. Lisa's Pizza for check in night delivery. I can 2nd Top Dog. I've heard good things about Sting Wrays but haven't checked it out myself.
In Avon Gidgets, Oceana's, and Bros Sandwich.
If you make it down to Buxton, Buxton Munch is amazing, try the fish tacos. Sandbar and Grill is another good spot to catch a Sunset. Diamond Shoals and the Orange Blossom for breakfast. Rusty's Surf and Turf was excellent for a nice dinner, but they recently revamped and are not doing breakfast and lunch. I'm sure it will be good.
In Frisco, stop at the Scotch Bonnet for Fudge, maybe check out the Frisco Space ship for a photo op.
Hatteras Village is the home of the Harbor Deli, which is my favorite spot to get an early morning breakfast on my way to the Ocracoke Ferry, i recommend the breakfast wraps. I think they are under new management, so I'm hoping they kept the wraps. Sonny's is great for breakfast too. Try to catch the ferry before 9am, it will minimize your wait time.
On Ocracoke, if you have a 4WD and a permit, try to get out to South Point if it's open. Go to ramp 72 and turn right and go as far as you can. If it's open, it's a really neat place to explore. Not to be missed food wise on Ocracoke, Eduardo's Taco stand, breakfast or lunch, you can't go wrong. Highly recommend the crab breakfast burrito. Dajio is great for breakfast if you want sit down. I haven't been there for lunch or dinner yet but hear it's great. My favorite lunch/dinner spots are the jolly Roger or Smacnally's. Both have the open air waterfront thing going for them. If you want something more upscale, the Back Porch and Flying Melon are both delicious. The best way to explore the town is to rent golf carts, there's alot more than meets the eye that you don't realize just driving up and down Highway 12. Springer's point and the lighthouse are good sightseeing things to do there.