I believe that when you sign off to "wave your right" to viewing the LOR's means that you've basically didn't read the LOR before your professor/pharmacist/friend sent it off to the university.
LOR's are basically on the honor system. If you didn't read any of the LOR's before they were mailed to the pharmacy program, then you basically "waved" your right to view them (the underline meaning that you didn't read them so that you could cherry-pick which sounds the best prior to sending). Now if you did read all of your LOR's prior to them being sent over to the program, then that's something else.