A five-hour weather delay on Friday forced the golfers to complete their first rounds Saturday morning. Play was called on Saturday due to darkness and once again the second round will be completed Sunday morning starting at 7:30 AM ET.
Se Ri Pak is alone in third place at 8-under-par 136, followed by Hall of Famer Beth Daniel (65), Christina Kim (67), Mi-Hyun Kim (68) and Soo-Yun Kang (71). That group is tied at minus-7.
Webb completed her first round Saturday morning and was quickly back on the 10th tee to begin her second round. She birdied the par-5 13th then chipped in for birdie from off the green at the par-3, 188-yard 16th.
Webb closed out her front nine with back-to-back birdies at 17 and 18 to make it three in a row and send her around the turn at 4-under-par 32. Webb capitalized on the two par-3s on the front nine at Eagle's Landing Country Club. She birdied four and eight to take sole possession of first place but had other chances down the stretch.
She missed a 12-footer for birdie at the seventh hole then saw her 15-foot birdie putt lip out at the ninth. Still, it was flawless round of 66 for the world's third-ranked golfer.
'It was two really solid rounds. I haven't made a bogey and I really am not putting myself in any bad spots for any chance to make too many bogeys,' said Webb, who won last year's Women's British Open. 'It was pretty solid from tee to green and then I putted pretty solidly as well.'
Webb has only one top-10 finish so far this season, a tie for ninth place at the Welch's/Fry's Championship. She won twice in 2002 but has been upstaged by the amazing play of Annika Sorenstam.
'I've been trying to avoid big numbers in the middle of my rounds or anywhere in my round,' said Webb. 'That stops a lot of momentum. You have to play catch up golf from there. You have to make up for your mistakes so I just want to keep building on good golf.'
Waugh had a much more eventful round than Webb did on Saturday. Waugh bogeyed No. 1 but then rattled off five birdies in her next seven holes to close the front nine at 4-under 32.
On the second nine, Waugh drained a 10-foot birdie putt at the 13th. She dropped a shot at the next hole when she missed a four-footer for par but birdied 15 and 16 to vault into a solo second.
Waugh, an Australian still seeking her first win on the LPGA Tour, will most likely be paired with Webb and Pak in Sunday's final group.
'Hopefully the attention will be on those two,' said Waugh. 'I'll just go along and hope to make some birdies. I'm looking forward to it.'
Pat Hurst, Kate Golden and Vicki Goetze-Ackerman share eighth at 6-under-par 138. Natalie Gulbis, Meg Mallon, Donna Andrews, Dorothy Delasin and Grace Park are in the clubhouse at 5-under par while Suzann Pettersen and Denise Killeen are 5-under and will have to return Sunday morning to polish off their second rounds.
Sophie Gustafson, who owned the first-round lead, struggled to a 2-over 74 and is part of a group tied for 18th at 4-under-par 140.