MySQL: How to calculate potential wait time? I'm trying understand the relationship between WAIT_MS and COUNT_STAR. Is this saying the average wait time is 3.2s and occurred 11,543 times for a total of approximately 10.5hrs of aggregate wait time?

Your response is greatly appreciated. 

| EVENT_NAME                           | WAIT_MS   | COUNT_STAR |
+--------------------------------------+-----------+------------+

| wait/io/file/innodb/innodb_data_file | 3294.3345 | 11543      |


UPDATE: Sorry! It was late. Per Mark Leith's blog: http://www.markleith.co.uk/2010/09/24/tracking-mutex-locks-in-a-process-list-mysql-55s-performance_schema/

SELECT 
   EVENT_NAME, SUM_TIMER_WAIT/1000000000 WAIT_MS, COUNT_STAR 
FROM 
   performance_schema.events_waits_summary_global_by_event_name 
ORDER BY 
   SUM_TIMER_WAIT DESC, 
   COUNT_STAR DESC;
Is this saying the average wait time is 3.2s and occurred 11,543 times
  for a total of approximately 10.5hrs of aggregate wait time?


No, this is saying the wait occurred 11,543 times for a total aggregated wait of 3.2s.
The average wait time is then 3.2s / 11,543, or 0.285 milliseconds.

Note that every file io call, including file open, read, seek, close, read, write, etc is counted, and that what is measured is FILE io (at the OS level), not DISK io (at the hardware level).

Disclosure: I happen to work at MySQL, and I am the author of the performance schema.