do you mean like when someone calls you, that's what they hear? if that's the case, it may be a ringback tone or feature. i've heard the message that you are describing a few times when i have called people (as opposed to hearing the ringing sound), but i honestly don't know much about it. all i can figure is that it's a "ringback" tone or feature.
Yes that is what is called a ringback feature there is maybe a way to disable it which you can get to through MyVerizon.com it will put it back to just a regular ring instead of the ringback tone ring and that may get rid of the please wait too