Jeff Mlakar builds up some thoughts on performance troubleshooting, including wait stats:
Queries go through the cycle of the SPIDS / worker threads waiting in a series like this. A thread uses the resource e.g. CPU until it needs to yield to another that is waiting. It then moves to an unordered list of threads that are SUSPENDED. The next thread on the FIFO queue of threads waiting then becomes RUNNING. If a thread on the SUSPENDED list is notified that its resource is available, it becomes RUNNABLE and goes to the bottom of the queue.
Click through for an analogy using a microwave and plenty more.