The most common and most likely answer to this crossword clue is the 5 letter word VERBS
I've seen this crossword clue in Independent
V
E
R
B
S
More clues leading to the result VERBS
Buddy explains!

The straight part
We know that "wait and see" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case wait and see = verbs.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does VERBS mean?
VERBS noun- (grammar) A word that indicates an action, event, or state.
- Any word; a vocable.
- An action as opposed to a trait or thing.
- A named command that performs a specific operation on an object.
- To use any word that is not, or had not been a verb (especially a noun) as if it were a verb.
- (used as a neutral, unspecific verb) To perform any action that is normally expressed by a verb.