After you applied this product to a pipe thread and placed the nut, do you have to wait, or can you start running the water right away?

Depends on how much pressure there is. I know if you put it on a airhose fitting and then pressurize it right away, it won't hold and start to push it out of the threads. I think it takes 24hrs to setup fully.

ASIN	B000BKEBT0
Amazon Bestseller	#257,849 in Automotive ( See Top 100 in Automotive ) #256 in Care Corrosion & Rust Inhibitors
Brand Name	Permatex
Compatible Material	Metal
Customer Reviews	4.6 out of 5 stars 179 Your Review
Global Trade Identification Number	00686226806314
Included Components	No
Item Dimensions	25 x 97 x 203 mm
Item Height	8 inches
Item Type Name	PTFE Blend Thread Sealant
Item Weight	36 g
Manufacturer	パーマテックス(Permatex)
Material Type	Polytetrafluoroethylene
UPC	686226806314
Unit Count	28.0 Grams
Warranty Description	Due to product defective

Permatex パーマテックス 汎用PTFE配合スレッドシーラント 28g [ PTX80631 ]

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Permatex パーマテックス汎用PTFE配合スレッドシーラント 28g [ PTX80631 ]