I just bought your awesome Newave theme. What are the steps I need to take to lay out a one page portfolio?

After you download the main archive and install the theme, the first step is to import demo data.

In the main archive you will find a directory named 'demos' containing subfolders for each the demo you can preview in our live preview.

Go inside the demo subfolder and you will find a xml file and text file

you need to import the xml file using the Wordpress -> Tools -> Importer.

Then open the text file copy the content and paste it in theme options Backup->Transfer Theme Options Data

and press Import

Go to Appearance->Menus and set the menu to 'Main Menu'. Press Save.

Finally, go to Settings -> Reading and set front page to 'Main Page'

That's all :)