Our understanding of both structure and dynamics of adsorbed liquids heavily relies on the capillary wave Hamiltonian, but a thorough test of this model is still lacking. Here we study the capillary wave fluctuations of a liquid film with short-range forces adsorbed on a solid exhibiting van der Waals interactions. We show for the first time that the measured capillary wave spectrum right above the first order wetting transition provides an interface potential consistent with independent calculations from thermodynamic integration. However, the surface tension exhibits an oscillatory film thick dependence which reveals a hitherto unnoticed capillary wave broadening mechanism beyond mere interfacial displacements.