What does it mean to wave time?

Probably not. To waive time means to give up your right to a speedy trial either at arraignment, before the preliminary hearing or before trial itself. If the PD had a suppression motion on and it turned out the cop was on vacation many judges would grant the prosecutor more time to corral the cop. Strictly speaking a cop's vacation is not good cause for a continuance of a hearing unless he was already gone when the hearing was scheduled. Some defense attorneys are willing to be accommodating in cases like this because they want their own vacation plans protected as well.

As to your first question, waiver of time applies to one's right to a speedy trial. To "waive time" is to give up one's right to a speedy trial. This applies at every procedural step such as arraignments, pretrials, and before trial itself. As for your question of whether the case could have been dropped because the officer did not appear, not likely. Most of the time, the court will allow the prosecutor an opportunity to get the officer into court if they are in fact on pre-scheduled vacation time. DISCLAIMER: This discussion is merely a generalized discussion and does not constitute legal advice.