Microsoft's Bob Ward has updated his blog post about documenting SQL Server wait types, that came out of his work at PASS 2009. He is planning on updating his post further as he gets comments and questions on his blog.

You can query your SQL Server 2005/2008 instance to get it’s top wait types with the query below:

-- Clear Wait Stats 
-- DBCC SQLPERF('sys.dm_os_wait_stats', CLEAR);
-- Isolate top waits for server instance since last restart or wait statistics clear
WITH Waits AS
(SELECT wait_type, wait_time_ms / 1000. AS wait_time_s,
100. * wait_time_ms / SUM(wait_time_ms) OVER() AS pct,
ROW_NUMBER() OVER(ORDER BY wait_time_ms DESC) AS rn
FROM sys.dm_os_wait_stats
WHERE wait_type NOT IN ('CLR_SEMAPHORE','LAZYWRITER_SLEEP','RESOURCE_QUEUE','SLEEP_TASK'
,'SLEEP_SYSTEMTASK','SQLTRACE_BUFFER_FLUSH','WAITFOR', 'LOGMGR_QUEUE','CHECKPOINT_QUEUE'
,'REQUEST_FOR_DEADLOCK_SEARCH','XE_TIMER_EVENT','BROKER_TO_FLUSH','BROKER_TASK_STOP','CLR_MANUAL_EVENT'
,'CLR_AUTO_EVENT','DISPATCHER_QUEUE_SEMAPHORE', 'FT_IFTS_SCHEDULER_IDLE_WAIT'
,'XE_DISPATCHER_WAIT', 'XE_DISPATCHER_JOIN'))
SELECT W1.wait_type, 
CAST(W1.wait_time_s AS DECIMAL(12, 2)) AS wait_time_s,
CAST(W1.pct AS DECIMAL(12, 2)) AS pct,
CAST(SUM(W2.pct) AS DECIMAL(12, 2)) AS running_pct
FROM Waits AS W1
INNER JOIN Waits AS W2
ON W2.rn <= W1.rn
GROUP BY W1.rn, W1.wait_type, W1.wait_time_s, W1.pct
HAVING SUM(W2.pct) - W1.pct < 95; -- percentage threshold