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1.
A sentence-enhancing phrase, used to illustrate the epicness of an object/situation/event. Recently popularised and revived by How I Met Your Mother character Barney.
Example#1: Dude, I bought some dank quality porn - wait for it- ography. Behold the ass-kickery.

Example #2: This is going to be legen - wait for it - dary.
by Dude of Life June 11, 2008
 
2.
An overused phrase intended to add a level of sarcastic suspense to a ― usually pointless ― event. Usually repeated at least twice in addition to dragging the words; especially "it" (waaiitt for itttt.... waaiitt for itttt....).

It used to be somewhat funny the first or second time you heard it. But anymore, there seems to be an abundance of people going out of there way to try to fit it in to their conversation, even when it doesn't fit. All of a sudden someone in the conversation will start saying, "wait for it... wait for it...," and you know it didn't belong in the conversation; they just wanted to use the phrase.

If you are going to use this phrase ― along with wearing a trucker hat and Heelies ― AT LEAST wait for a time in the conversation when it actually applies and is appropriate.
You and your friend are waiting for a call back from a hot girl from school.

You> When is she going to call?
Friend> Wait for it... wait for it...
Phone> *rings* ring ring ring ring ring... banana phone... *rings*
by THEJohnathan September 07, 2009
 
3.
A phrase added between a word to add more suspense. The phrase was popularized the the TV show How I Met Your Mother.
Tonight's going to be Legen wait for it dary
by Definition Guy's Assistant August 03, 2012
 
4.
Expression predicting a upcoming constant. Advising attention to a near future occurance.
Person A: *sneeze*
Person B: Wait for it...
Person C: Bless You!
by Jeffery Harrington March 22, 2007
 
5.
a dumb phrase people like to use, usually leading up to absolutely nothing.
fucktard: dude, ull never guess where im goin this summer... wait for it.... ........................

me: *looks around* ...um... what the fuck am i waiting for?
by kratos2010 July 24, 2009
 
6.
What idiots insert in the middle of a sentence to create a state of suspense, usually with a sarcastic overtone.
I won't use "wait for it" in a sentence, because that would qualify me as an idiot, per above definition.
by Lexicon August 28, 2006
 
7.
Phrase used to promote procrastination.
person 1. the dishes need done
person 2. Wait for it!
by Scooncey October 01, 2008