The most probably choice for a WVE to 3GP conversion seems to be the export of Wondershare Video Editor projects (*.wve) as 3GPs. If you looking for this conversion, then you can do that in the program using the default export function. Wondershare Video Editor is available also as trial version, so it may be worthwhile to check the program if you are attempting this conversion.
In essence, the very same thing like the previous wve to 3gp conversion, just for the Cyberlink PowerDirector for its WaveEditor projects.
Other WVE to 3GP conversion doesn't seem to be possible. DIVX WVE is just some sort of data file used during the actual DIVX conversion and it probably does not contain the actual video.
Updated: November 17, 2016