... hooked up my Wavetek digital multimeter across the speaker posts to read AC volts...I think that Almarg is on the right track in his 1st paragraph. I was about to write almost the same thing myself.
Pull out the spec sheet for your Wavetek DMM & see what it's bandwidth is.
Most, if not all, DMMs do not have the bandwidth to follow an AC signal & so you are getting a heavily RMS'd reading of a fast moving AC signal. I would, like Almarg, not put much confidence in those readings at all.
Your calc technique is correct tho.
Now, if you can get your hands on an oscilloscope & measure the peak voltages & then use V^2/R, you'll get the true pix....