It's the time a military member waits in the country of Kuwait to either go home to the US or to go into Iraq, usually a period of stasis or limbo when nothing is happening.
Military guy calling forward to his unit in Iraq to let them know he's going to be a couple of days over on his leave, "Dude, I was supposed to fly out last week but the plane broke so I'm Kuwaiting till they have another one up"
Giving someone an enema of crude oil, putting a stopper on their anal cavity and puncturing a hole in the stopper guzzling the oil as it escapes the anal cavity at a high velocity.
Dude, last night was crazy; my wife gave me a Kuwaiti Oil Rigging, we're still cleaning up the mess.