Sorry, missed this thread before. Sounds like you get the collision events working...?
The Wait action just delays the FINISH system event sent when all actions on a state have finished. E.g., a Wait of 2 seconds guarantees the state will not finish for at least 2 seconds, but if other actions are still running the FINISH event will not be sent until they're all finished.
If you want to send an event after a specific time, use Send Event with a Delay.