Regex find string and delete whole line

Your regexp is not correct. Try this:

import re
print re.sub(".*wait.*\n",'',"""wait                    => '10',
wait                    => '10',
Other data
wait                    => '10',
""",flags=re.M)

http://docs.python.org/2/library/re.html#re.M

re.M

re.MULTILINE

When specified, the pattern character '^' matches at the beginning of the string and at the beginning of each line (immediately following each newline); and the pattern character '$' matches at the end of the string and at the end of each line (immediately preceding each newline). By default, '^' matches only at the beginning of the string, and '$' only at the end of the string and immediately before the newline (if any) at the end of the string.