You can do the select with isolation level UR (uncommitted Read). Check out the manuals to make sure you understand what that means for the integrity of the data retrieved in the select statement.
Lock wait time can be increased for the database, but not for a particular query (of course if UR is used, there is no locking). To maximize concurrency, have all applications use CS (Cursor Stability isolation level) and perform commits at a reasonable frequency if possible.
Also, when trying to fix a lock contention problem, make sure you understand the difference between a lock time-out, and a true deadlock. Although both are due to lock contention, they are often different in how you resolve them.