Definition
To hurry to complete a task or arrive at a destination by a specified time, only for nothing to happen, due to other requirements that have yet to be satisfied.
Origins
hurry up + wait
How People Actually Use It
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."
Source: Urban Dictionary