You have the start of a gerund in what you put in your question, but gerunds in Korean tend to be very confusing for English speakers at first. In this case:

기다리는 것

The confusion for English speakers on that (I think) is that they want to translate that into English as "That thing we're waiting for." However; this particular grammar pattern actually means "Waiting" as a gerung (not present progressive). To get it in an English speaking mind, it might be helpful at first to think of it as "That thing we call Waiting" or "That waiting thing" where you think "thing" as meaning "waiting" as you might say in a humorous way sometimes. It's a strange usage, I know, but that's how I thought of it when I was first learning this pattern.

So:

기다리는 것을 싫어해요. (I don't like waiting.)

You can see the use of the gerund in the pattern I said as the direct object in the sentence.

There are some contractions to know, though, that are often used in spoken Korean:

기다리는 게 = 기다리는 것이

기다리는 걸 = 기다리는 것을

기다리는 건 = 기다리는 것은

So hopefully, that can clear up the things I see in your question.

Wonderful explanations from Steve... I wish I could reply to his comments directly. Steve, I believe 기다리는 것 is actually correct. With present tense verbs, we add +는 regardless of whether or not there is a final consonant. For past tense verbs (and any adjectives without a final consonant), we add ㄴ. So 기다린 것 is correct in some cases, but for your examples, 기다리는 것 is indeed correct. 

I made a big mistake on my explanation of the gerund, and I cannot edit, so please accept my apology and correction.

기디리다 does not have a final consonant. So, it is NOT 기다리는 것 like I said throughout. Instead, it is 기다린 것.

Please accept my apology.

혜진 씨, 안녕 하세요?

The question is probably a little broader than you may realize. Let me take it on as an English speaker who may have some idea of how an English speaker's mind works.

The dictionary form of the verb you have chosen for an example is 기다리다. I'm sure you know the basic conjugation for respect and tense.

기다리는 is an adjective form of the word. It means something that is awaited. Contrast it with 기디린 which is something that is awaiting. You use these in front of a noun to which you would apply it. So 기디기는 시람 is the person who is awaited.

When you attatch 고 onto a verb stem like 기다리고, you are attaching a conjunction like "and" onto it. Two common places where this is used is to make a present progressive, or to link two independent clauses. So if my I am waiting for my wife, but for some reasons she calls to ask me what I'm doing, the conversation may go something like:

Her: 여뵤, 뭣 하세요? (Sweetheart, what are you doing?)

Me: 기다리고 있어요. (I'm waiting)

An example of conjunction between independent clauses:

제가 기다리고 아내가 청소해요. (I wait and my wife cleans)

Let me address the "Gerund" part in the next reply.

amazing!

honestly, I think you better grammar than korean people.

add

문법적으로 추가 설명하자면

기다리는 게 = 기다리는 거이
기다리는 걸 = 기다리는 거를(을)
기다리는 건 = 기다리는 거 + ㄴ

기다린 것 means past

ex) I love it because I waited for you yesterday.

기다리는 것 means Current 

ex) It is because I love you, always waiting for you now.

거 와 것은 문법상은 구별없이 같으며 표기할때 다를 뿐이다. 말하기 나름.