This is a rare mature reflection from The Stones, as Mick Jagger sings about the values of friendship as opposed to women. Then again, it might be about drugs. Keith Richards was a heroin user at the time, and the song could be a euphemism for waiting on the "connection" - the man with the drugs. Should Keith (or in this case, Mick, as he is singing in the video) get questioned by the police, his response would be, "I'm just waiting on a friend."
Russell - High Desert, CA