A phrase commonly found in the military. This phrase depicts the day-to-day grind of soldiers where they have to "hurry up" to point B only to have to wait hours for the event to occur. This phrase also applies to anything that requires you to be on time but does not start for a good while.
Example A: While at the Military Entrance Processing Station (MEPS), we were told to arrive on time at 6 AM but in processing did not start until 9 AM. We practiced the "hurry up and wait" policy.
Example B: I did 80 just to get to the doctor's office on time, and he did not even show up for another hour. It was another case of hurry up and wait.