A preschooler's ability to delay gratification in the waiting task is predictive of several developmental outcomes, despite this task's relatively low reliability level. Success in this task depends on the use of distraction strategies. The new Watch-and-Wait Task (WWT) has been developed to enhance reliability and to investigate whether the waiting situation is equally predictive if distraction from the reward is inhibited. To prevent distraction in the WWT, children were instructed to watch an hourglass run out during the waiting period. In a reliability analysis (n = 31) the WWT showed acceptable retest reliability. In a second study (n = 61), the time preschoolers spent waiting in the WWT was associated with later academic achievement and behavioral problems diagnosed at the end of grade 1, even after controlling for intelligence, gender and age. Overall, the WWT proved to be a reliable instrument predictive of children's behavioral and academic development. (Contains 7 tables.)