How good are you at using the "Curve" tool? Draw one complete cycle of a sine
wave and then continue drawing to make it a rectangle with a sine wave along
one edge (If you hold the CTRL key down you will get straight liines). Dupe
the shape and position it against the first to get 2 cycles. Group & dupe to
get 4 then 8 etc. Position this over your image and then change your line
colour to white.
If you are not too fussed about the accuracy of your wavy line this is a
quick way but as Rae says, there are products out there that you can use to
work on your image directly