pause is a 2-3 second pause, wait literally will wait until you press a key. For instance, a pause is when you are dialing an automated system like a 24 banking number. dial number pause 2 seconds enter 1 for english pause 2 seconds enter account number.
so if your bank number was 1800bank123 and your account number was 1234, the number in your address book would look like 1800bank123[p]1[p]1234
and it would dial as described above. a wait is similar but you would hit the trackball after 1800bank123 and again after 1