Difference between Timeout and Wait Conditions in MSCRM?

 Timeout Condition :- A Process Timeout tells the workflow to wait for a specific amount of time or until a specific date. The former is essential for building workflows that should space out the execution of certain steps while remaining fully automated, while the latter is needed when a given step has to execute on a certain day or time. You can include a Process Timeout in a workflow by selecting Add Step > Wait Condition.

Wait Condition :- A Wait Condition tells the workflow to wait until some specific action has occurred, such as a field changing or updating to a specific value. This is useful for situations in which you need to wait for something to be done, rather than wait a specific amount of time. Wait Conditions are great for building workflows that are coordinated with manual processes carried out by users. You can add a Wait Condition to a workflow by selecting Add Step > Wait Condition.