See great waves in cheap accommodation on ship (8)
I believe the answer is:
steerage
'cheap accommodation on ship' is the definition.
(I've seen this before)
'see great waves' is the wordplay.
'waves' indicates an anagram.
'see'+'great'='seegreat'
'seegreat' anagrammed gives 'STEERAGE'.
'in' is the link.
(Other definitions for steerage that I've seen before include "Cheapest classes" , "cheap way to travel" , "Part of ship with lowest fares" , "avoided by the "posh" set" , "cheap transport" .)