I couldn't trace it back to a particular origin, but it does seem to be a moderately used colloquial expression for multitasking, or efficiency.
Example: The phrase is also used on Friends, when Chandler has his third nipple (what he called his "nubbin") removed; he announces he's had a nubbin-ectomy, going on to say, "two nipples, no waiting". He's basically joking that if a hypothetical first person was already occupied with one nipple, a second person wouldn't have to "wait"; they could play with the second - but, you know, figuratively speaking. This of course is followed up immediately by Monica saying, "Just like Rachel in high school," which suggested Rachel had a lot of people playing with her nipples.
I also kept finding another variation, ascribed to the Punisher; saying, "Two guns, no waiting" - meaning those apt to get shot by the Punisher wouldn't have to "wait" to be killed one at a time, he can get to you that much quicker using two guns at once.
I feel like this might be related to some sort of marketing slogan - "Two(?) (blank), no waiting" - but like I said, I couldn't find where it might be rooted in. Perhaps someone else will have that answer.
"Sorry, I mistook you for a corpse."
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