The while loop doesn’t crash your game, per se… the loop just never ends. Graphics, input, etc. won’t get a chance to update. At some point the operating system will probably notice and react in some way, but the program itself is just stuck.
Rather than try too hard to mimic another SDK, you’ll probably make quicker progress just going all in learning Corona and Lua, and in particular Corona’s various control mechanisms, such as the timers mentioned by @zackrjoyce.
After that, if you’re still interested in going the wait() route, there are indeed ways you can do what you were asking, for instance as discussed recently here: wait or wait_for But it would be best to go into that already comfortable with the rest. 