This issue is a result of the Symantec.Workflow.Core library not being referenced.
To Fix this, go to the libraries tab of the project
-Click Add
-If it is not in the available libraries, browse for it
-It should be located in the "C:\Program Files\Altiris\Workflow Designer\Shared\Logicbaselib" directory
-Add it to the project
Once I added it, the wait components worked great.