Wait and Await

Both wait and await are verbs.

Await always takes an object: you await your destiny, etc.
Wait does not: you wait for or on something or someone.

WAIT

Wait is intransitive, (a verb or verb construction that does not require or cannot take a direct object), and a preposition must be used with it. That preposition is usually for: "I've been waiting for 2 hours."

The verb wait can come in different structures. You can just use wait on its own: "I've been waiting for the release of that book."

Wait is often used with another verb: "I waited in line for the author to make an appearance."

Very often a reference to time is mentioned when using a form of wait: "I waited for at least an hour."

Finally, speakers often mention what or who they have been waiting for: "I have been waiting for two hours for the bookstore to open."

AWAIT

Await is transitive, (a verb requiring a direct object): "I await the author's appearance."

Await, being more formal, is more commonly used in written form, as opposed to speech, when we tend to use wait for.

Remember, await isn't followed by for - wait is.

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When reading the following sentences, it's easy to "hear" that they are not grammatically correct:

I wait the release of the book.
I await for the release of the book.

Using a preposition with the correct verb, it's equally as easy to "hear" proper syntax:

I wait for the release of the book.
I await the release of the book.

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In most cases, the primary difference between wait and await is the level of formality.
Await is simply a more formal way of saying to wait for.

I await the release of the book.
I am waiting for the release of the book.