I think the relevant flag rule is;
"When flags of two or more nations are displayed, they are to be flown from separate staffs of the same height. The flags should be of approximately equal size. International usage forbids the display of the flag of one nation above that of another nation in time of peace."
So, if you wanted to wave a foreign flag, you'd need to also wave the US flag in the other hand. Or, I guess you might wave two flags in one hand if you were so inclined.
http://www.ushistory.org/betsy/flagcode.htm
"When flags of two or more nations are displayed, they are to be flown from separate staffs of the same height. The flags should be of approximately equal size. International usage forbids the display of the flag of one nation above that of another nation in time of peace."
So, if you wanted to wave a foreign flag, you'd need to also wave the US flag in the other hand. Or, I guess you might wave two flags in one hand if you were so inclined.
http://www.ushistory.org/betsy/flagcode.htm