I heard this phrase in the TV show Grimm. Does it mean that I'll wait until you come out of the house?
No, that's not the basic meaning, though that could well be the implication in this particular case. It's just coincidence here that the transparent idiom 'wait out' has a particle (out) where the prepositional use is obviously not impossible. Contrast
The basic senses are:
[McGraw-Hill Dictionary of American Idioms and Phrasal Verbs.]
[usually as an alternative to intervening in an undesired situation – or at least indicating that patience is being exercised]
[Cambridge Dictionary of American Idioms]