text effects

I'm trying to make a string make a sort of 'wave' motion by moving each character up and down, but i'm confused as to how to do it.
Here is where i'm at right now:

Global o,num,up

Graphics 800,600,16,2

SetBuffer BackBuffer()

font=LoadFont("Impact",32,False,False)
SetFont font

Type effect

	Field e.effect
	Field name$
	Field x,y
	
End Type

e.effect=New effect
e\name$="Paul Leduc"
e\x=400-StringWidth(e\name$)/2
e\y=300-StringHeight(e\name$)/2
o=1
num=0
up=True

While Not KeyHit(1)

	TextEffect()
			
	Flip
	Cls
	
Wend
End 

Function TextEffect()

	For e.effect=Each effect
	
		Text e\x,e\y,Mid$(e\name$,o,1)
		
		If up=True Then
			e\y=e\y-1
			num=num+1
			If num>FontHeight() Then
				o=o+1
				up=False
			EndIf
		EndIf
		
		If up=False Then
			e\y=e\y+1
			num=num-1
			If num<1 Then 
				up=True		
			EndIf
		EndIf 
		
		If o>Len(e\name$) Then o=1
			 		
	Next

End Function

I don't know if this should be a type, or array, or just a simple function, actually. I have the characters of my name moving up and down, but it only shows 1 character at a time, and i'm just so confused! :/

Anyone know how I could achieve "wavy" text?