Wow, that’s a blast from the past. What’s the context?
NetWaiting was a service for dial-up modems where you could (theoretically) temporarily interrupt a DUN connection to make a phone call without disrupting the data connection. I don’t think I ever saw it work even back in ‘the day’ either – looking back, I’m wondering now whether it was a US-specific feature or if it required subscription to BT’s premium services like Call Waiting maybe?
But yeah. Assuming you’re actually referring to NetWaiting and not some rogue malware process calling itself NetWaiting, that’s what it is. You don’t need it, haven’t needed it for nigh on ten years, and arguably never needed it.