1)to allow a situation, person, or place

2)a conformation to withdraw from a particular activity
christos: yo derek do you wanna cum on akua's face with me
derek: nah man, i'm gonna have to wait out on that
christos: kl
derek: i'd rather cum on your face
christos: nah man, wait out on that
by the bcs January 25, 2008
"Contact, wait out" is a term military personel use over the radio to report enemy sightings/attacks. "Contact" means that the enemy has been identified or that you have already been attacked. "wait" means that you have no time to explain the situation right now. "out" means that you are about to end transmission and will call back later.
*Huge explosion*
Lieutenant: Holy shit, call it in!
Radio operator: This is Mike November 4, contact wait out!
by puje October 19, 2009