Waugh, who will make a record 157th Test appearance when the first Test starts on Thursday, returns to the captain's role after being left out of the squad for the World Cup.
"It feels great to be back in the Caribbean, one of my favourite places to play," the 37-year-old told reporters.
"We've got a tough job in hand. We've got three experienced players out, but it gives an opportunity to the newer players and the younger players. We have got more than enough good players to do the job."
Australia will be without leg-spinner Shane Warne, who is serving a 12-month doping ban, medium-pace spearhead Glenn McGrath, who will miss the first two Tests to spend time with his sick wife, and injured middle-order batsman Damien Martyn.
Waugh, who made his Test debut in December 1985, said it would give him great satisfaction to pass his former skipper Allan Border and set the world record for number of Tests played by an individual.
"I'm sure it will be broken at some time, but it's nice to think about holding it," he said. "It's a lot of Test matches and the thing that pleases me most is that I've lasted this long.
"I'm honoured to have played even one match, let alone 157."
Waugh said a sense of that privilege was something that motivated his squad, which might be forgiven for being a bit jaded after the amount of cricket it has
"We are playing Test cricket for Australia and that's a great honour," he said. "I'm confident that the guys are all fresh. The attitude of all the players has been excellent."
West Indies captain Brian Lara said his team was better than the side that drew the Test series 2-2 on Australia's last visit to the Caribbean in 1999, despite its opening-stage exit from the World Cup.
"The team is moving forward, it just has a different leader. Compared to four years ago we have a better team, batting-wise at least," said Lara. "Our players are more mature, we can depend a lot more on them.
"Australia start as favourites, but I believe my guys will come out and give a good account of themselves."
Lara was captain and led by example on Australia's 1999 tour, scoring a brilliant 213 in Kingston, but quit in 2000 after the West Indies suffered an embarrassing whitewash on a tour of New Zealand.
"Since the last time, we've had Jimmy Adams and Carl Hooper," he said. I've played with these guys and learned a lot about being captain.
"We are going to see a lot of improvement. I'm going to do the job with more experience than I had in 1998."
