What does Window.Wait exactly do. The TestComplete help does not show "Wait" as one of the methods of "Window" object, but then why does "Window.Wait" automatically get generated when we are using TC to record web related scenarios.
I guess that you mean the Wait method of the Page object. This method waits a web page to be loaded in Internet Explorer. If you remove the calls to this method from your script, TestComplete will be trying to execute the script even when the page is not loaded yet. This may lead to a script failure and that is why the Page.Wait method is automatically inserted to the script generated by TestComplete.
Please see the 'Page.Wait' help topic for more details.