Other scripts claim that they will completely eliminate the megaupload wait time.
From my experience that is impossible, the wait time is server side - and cannot be entirely bypassed.

However it can be minimised.
This script is intended only for (registered) free users of megaupload.
I have not tested it for an unregistered user - but I doubt it will work.

It will take the wait time down from 26 seconds to 16.
Also when the 16 seconds are up - the "Free Download" button will be a direct link to the file. That means that you shouldn't get a popUp when you click it!

This means that it is possible, and very easy to use download managers!
(I use the downthemall firefox addon, with this script you just have to right click the "Free Download" button and click save link with downthemall)

It may seem pointless to use a script that will only lower the wait time by a few seconds. But if you can lower the wait time - then why not?