Can someone explain Modules a little?

[Syntax]

Is it ok to use "wait(50)" inside modules or do you have to use "module: Delay(50)"? Also, If you call a function from outside the module is it ok to have "wait(50)" in that function or will those commands delay the execution of the main .LUA ?

wait(50) will lock the thread (the entire script will stop 'thinking')
moduleelay(50) will pause the module, it won't fire until the delay has passed (though there's no point in calling a delay under 200ms as Modules can't think faster than 200ms (TIMER_EVENT limitation)

edit: fuuuuuuuuu Spectrus.