It looks like that the most probably choice for a WVE to DIVX (AVI) conversion seems to be the export of Wondershare Video Editor projects (.wve) as DIVXs compressed AVI files. If you looking for this conversion, then you can do that in the program using the default export function. Wondershare also offers trial version, so it may be worthwhile to check the program if you are attempting this conversion. The program is now known as Filmora.
Other WVE to DIVX 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.Open WVE file Open DIVX file