Ah, okay this is sorta tricky.
In simple terms it's just like saying "You don't have the time to wait", where the norwegian sentence adds the "the"- sorta.
Let me try and break it down a bit:
"Du har ikke tid til" = "You don't have time to".
"Du har ikke tid å vente" = "You don't have time wait".
In essence this is what it is. It's works like the "to" in most cases.
"Å vente" isn't used in many sentences, it means "to wait", but if you're going to say "I'm waiting", then you write "Jeg venter".
Another thing many, many have a hard time with is the "å" and "og", which have the same pronounciation, but mean different things. "Og" is "and", while "å" is used before describing verbs. In infinity or something, I don't remember the name for it.
I'm a bit confused as to whether "stå å vente", "stå og vente" and "å stå og vente" is proper when writing. "Stå og vente" is a clear "I shall stand and also I shall wait" sentences. "Å stå og vente" is also correct though, since it means "To stand and wait". "Stå å vente" means "stand and wait" if used in a sentence, but then you would also write "stå å vent" in most cases. I think this relys on the dialect used, as I often say "stå å vente" when I want someone to stand and wait and I also used "stå å vent", since that's more dialect, but also ok to write. "Stå å vente" is a direct command though. You could say "We should stand and wait" two ways(I think), "Vi burde stå å vente" and "vi burde stå og vente".
I'm using "stå å vente" because it's easier to keep track of than "du har ikke tid til å vente".