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The 36-year-old dropped a stroke with a bogey at the 12th. Waugh closed with birdies on 16 and 18 to end at six-under.
Defending champion Paula Creamer leads a group of six players tied for 14th at two-under-par 70.
The former nine-hole record of 27 was first established by Mike Souchak in the first round of the 1955 Texas Open. Two-time U.S. Open champion Andy North matched the number on the back nine of the first round of the 1975 B.C. Open. Billy Mayfair next tied the score on the back nine of the final round of the 2001 Buick Open and Robert Gamez was the last to shoot 27 when he did it during the Bob Hope Chrysler Classic.
Pavin started quickly, to say the least.
At the fifth, Pavin hit a six-iron to 30 feet and converted that long birdie putt. He collected his sixth birdie in a row at the par-five sixth when he wedged his third to four feet.
"I kind of messed up seven, didn't I?" joked Pavin.
Pavin not only set the new PGA Tour record, but he only took 10 putts to do it.
Pavin was now nine-under par and two birdies in the final two holes would get him to golf's magical number of 59.
He hit a poor drive at 17, but made par. Needing an eagle on the par-five 18th for a sub-60 round, Pavin drove into the rough and had 269 yards to the flag. He could not get home in two and had to hole a five-footer to save par.
"I wasn't thinking too much about the outcome," acknowledged Pavin. "I knew 59 was a possibility and I tried to keep those voices away. I was just trying to hit each shot the best I could."
Scott Gump, Garrett Willis, Frank Lickliter and Dean Wilson all posted four- under-par 66s on Thursday. Billy Andrade, Chris Riley and John Riegger are four-under par on the course at Brown Deer Park Golf Club.
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Dallas Cowboys Super Bowl Odds
Will he or won't he? Now that the Dallas Cowboys have a new head coach in Wade Phillips, the big question will be: Does Terrell Owens stay with the team.
Jerry Jones continues to suggest that Terrell Owens will remain with the team.
"I've said that he's back, he's here, he's under contract," Jones said. "In the interviews I've just been through (to hire a new coach), it was very clear to me how highly he's thought of and how much of an impact he had on our offensive success."
Just to be sure though, Terrell Owens cleared out his locker and removed his name plate.
Terrell Owens was among the Cowboys most productive players this past season, catching 85 passes for 1,180 yards and a league-best 13 touchdowns.
But T.O. is due a $3 million roster bonus in June, then a $5 million salary this season. Cutting him before then would save a lot of money and headaches.
Aside from the questions surrounding Terrell Owens, the oddsmakers at MySportsbook.com have concerns over starting quarterback Tony Romo's state of mind and whether he will remain a starting quarterback. It is also not known how players will adjust to new head coach, Wade Phillips.
Here are the football odds as seen at MySportsbook.com and subject to change after February 10, 2007 if not locked in prior to that date.
Arizona Cardinals 60-1
Atlanta Falcons 50-1
Baltimore Ravens 15-1
Buffalo Bills 50-1
Carolina Panthers 18-1
Chicago Bears 10-1
Cincinnati Bengals 15-1
Cleveland Browns 100-1
Dallas Cowboys 15-1
Denver Broncos 15-1
Detroit Lions 100-1
Green Bay Packers 50-1
Houston Texans 100-1
Indianapolis Colts 6-1
Jacksonville Jaguars 30-1
Kansas City Chiefs 30-1
Miami Dolphins 40-1
Minnesota Vikings 75-1
New England Patriots 10-1
New Orleans Saints 18-1
New York Giants 20-1
New York Jets 30-1
Oakland Raiders 100-1
Philadelphia Eagles 18-1
Pittsburgh Steelers 10-1
Saint Louis Rams 60-1
San Diego Chargers 6-1
San Francisco 49ers 75-1
Seattle Seahawks 20-1
Tampa Bay Buccanneers 75-1
Tennessee Titans 40-1
Washington Redskins 50-1
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