There's another thread on here just a little bit down about thick hair also that you can check out

.
How long is your hair? If it is already wavy, I would suggest just getting it thinned out. It helped me SO much. My ponytail is like half as thick. I got lots of longer layers cut in and also had them use those hair thinning scissors. Later on I got it razored. My hair looks so much nicer too and I can wear styles that I see in magazines.. before it was just too much and would always look TOO thick. Plus it would take forever to style it.
My hair still takes a long time to blow dry it, but I flat iron it a few times a week. Blow drying makes my hair seem thicker also.. if I let it air dry and then flat iron, it comes out smoother and sleeker than when I do both.