A) Is training 7 days a week overtraining, if you switch between muscle group workout every 3 days ie.
Day 1: Chest,Triceps
Day 2: Biceps, Forarms, Back
Day 3: Abs, Legs, Shoulders
B) How long should on wait in between reps?

A.Yes.
B. Most trainee's don't rest between reps but sets - 90-120sec is fine between sets.

lol

if ur short on breath. take a minute to catch ur breathe, drink some water, and continue ur set/rep

i hope ur doing back and legs 1st in their workouts or won't get bigger at all

Yeah you're over training like hell. Spread that over 6-7 days. I like your split however. Mines actually looks quite like yours...we do it old school: http://www.realfitnessworld.com/Routines.htm

1) since you're starting off, do a full body workout 3 days a week. Since your body is not used to lifting weights, and you're most likely out of shape, you will get some fast results, as long so work out properly.

When you get more strength start splitting it up, changing it from a full body workout3 days a week, to 4-5 days a week, and say:

Monday
-arms
-chest
-back

Tuesday
-legs
-abs

Thats just a simple example though....

I wait 2-3 min.. you have to make sure your heart rate doesn't slow down, or you will loose your pump, and will become tired faster.