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I'm not an expert, but here's some feedback FWIW. You'll want to plug your USB camera into the standard size USB type-A connector (the large one) and ensure that the mechanical switch is switched towards it. The power provided from the Edison over the USB interface is limited, so depending on how much power the USB camera requires, you may actually need to use a powered USB hub. Also, the USB camera should support UVC video.
Regarding the USB camera driver, AlexT_Intel has created a repo that includes uvcvideo. If you search for that on this forum, you'll find some info on how to install it. In addition to installing the uvcvideo driver, you will also need to run "modprobe uvcvideo".
Finally, I think the reason waitKey isn't supported is that there's no windowing support built into the OpenCV provided for the Edison. The waitKey function is more than just a way to delay briefly - it acts as the message loop for the OpenCV HighGUI windows. But there's no integrated display on the Edison, so most users won't want to create windows on it in the first place. You may want to consider whether you actually need that kind of functionality.
Anyway, hopefully that helps you get started.