You should leave the radio unit turned on. Waiting time only counts down when the radio is turned on (showing '7SAFE'). If the radio is turned off, the countdown resets and stops.
Waiting time increases after future invalid attempts. After the 9th invalid attempt, the waiting time will be 640 minutes. After the 10th invalid attempts, the radio unit will become completely inoperable. In this case, it must be replaced at owner's expense or taken to a professional decoding specialist to be reset.
A.R.S., October 2012