So I've completed my wave shield finally and it worked. Then I tried to clip the 5v pin because I need to power a gps unit at the same time, once I clipped that pin the wave shield stopped working 
So, how am I supposed to power both a gps unit and the wave shield at the same time?
would I be able to remove the pin from the wave shield that connects to the 5v, solder a wire from that hole to a new jumper wire, run a wire from the 5v on the arduino to a breadboard, and then be able to power both the gps unit and the wave shield?
You probably should run the wave shield -and- the GPS module/shield independently from each other and from the Arduino. Leave the Arduino running with its power input to its regulator. Build a small board that has two 7805 regulators on it, and an input for power (you are going to want to run off of 9 VDC - but -not- a 9V battery; it won't last). The power goes to the regulators, and each regulator supplies power to one of the boards (remember to add the proper caps for the regulators). Setting up a simple power supply/distribution like this will keep the extra load off the Arduino's voltage regulator (preventing possible sporadic reset issues), while giving each board/module its own 1 amp independent power supply.
once I clipped that pin the wave shield stopped working
Did the arduino stop working. How much total current are you trying to draw?
I suspect you don't know but you need to know so find out.
the arduino didn't stop working. I just clipped the pin from the wave shield that connects to the 5v on the arduino. I got a new pin onto the wave shield and now it works again.
The gps unit's power consumption is 44mA according to this: http://www.sparkfun.com/datasheets/GPS/EM-406A_User_Manual.PDF
I've looked over the wave shield pages but I cant really find anything. http://www.sparkfun.com/datasheets/GPS/EM-406A_User_Manual.PDF
here's the right audio shield page Audio Shield for Arduino couldn't find anything useful concerning power usage.
I've ordered http://www.adafruit.com/index.php?main_page=product_info&cPath=38&products_id=186 to power either the gps unit or the wave shield or both but my question is, after hooking it all up to the breadboard where would I plug in the power cords for the gps or wave shield?