Look at the WAITFOR command.
E.g.
-- wait for 1 minute
WAITFOR DELAY '00:01'
-- wait for 1 second
WAITFOR DELAY '00:00:01'
This command allows you a high degree of precision but is only accurate within 10ms – 16ms on a typical machine as it relies on GetTickCount. So, for example, the call WAITFOR DELAY '00:00:00:001' is likely to result in no wait at all.