Nope, it's a myth that it incourages growth. It arrises from the fact that shaving your legs leaves the ends stubbly and blunt, which makes them appear darker and possibly thicker. However, sometimes you will get more than one hair growing out of the same hair follicle - if you look at your legs, you'll probably find this. But it's not likely to make a huge difference to the appearance.
As you say, waxing does sometimes leave hair follicles damaged and so they don't grow back, leaving the hair thinner. Really, however, this will make such a small difference that what you probably notice as less growth is just the difference between shaving and waxing - hair just *appears* less thick.
Essentially, you have the same number of hair follicles whatever happens, and new ones can't be created.
Apologies for length - I read way too many magazines!