Not being very familiar with Selenium, what do you mean by "different waits"? Waits for what?
In TestComplete there are a variety of ways of waiting for an object, page, component, etc., all built in to the various parts of the tool. If you can describe a bit more as to what you're looking for in the way of examples, scenarios, someone can probably give you at least a start f what you're looking for. Most likely, such a thing will utilize one or more of those existing waits in TestComplete.
I am looking to put dynamic wait in multiple places until an object is let's say visible or enabled to perform actions.
Suppose wait time is 10sec but if object loaded in 3sec then it will move on not wait further 7 sec
and I want to have a custom function where I just pass the object and time, then call this function from wherever i needed for whichever object.
Almost all the built in Wait functions that rraghvani linked to already do that. WaitAliasChild, WaitChild, WaitProcess, etc, all operate as a "timeout" where you set a value (10 seconds in your example) but it only waits as long as necessary.
I'd start looking there, rather than building an extra custom function.
