Why can't I adjust the speed of the strikes?

The wait statements don't affect how fast the animation plays. It's the third argument of AnimationTrack:Play() that affects how fast the animation is.

animation:Play(nil,nil,2)

You should change that 2 to something smaller if you want to slow down the animation.

http://wiki.roblox.com/index.php?title=API:Class/AnimationTrack/Play

Oops, the code didn't come out right, it's supposed to look like this:

Power = false
slash = false
Debounce = false
function onButton1Down(mouse)
Master = game.Players.LocalPlayer
mouse = Master:GetMouse()
function SwordDamage()
humanoid:TakeDamage(1+Master.stats.Level.Value*1.5)
Master.stats.EXP.Value = Master.stats.EXP.Value + humanoid.MaxHealth * 0.1
end
X = math.random(1,2)
if X == 1 then
if slash == false then
slash = true
script.Parent.Tool.Handle.Attack1:Play()
animation = Master.Character.Humanoid:LoadAnimation(script.Parent.RightSlash)
animation:Play(nil,nil,2)
Master.Character.Tool.Blade.Touched:connect(function (hit)
humanoid = hit.Parent:findFirstChild("Enemy")
if humanoid and humanoid ~= Master.Character.Humanoid then
if Debounce == false then
Debounce = true
o = Instance.new("ObjectValue")
o.Name = "creator"
o.Value = Master
o.Parent = humanoid
if slash == true and Debounce == true then
SwordDamage()
end
wait(0.45)
Debounce = false
o:Destroy()
end
end
end)
wait(0.45)
slash = false
end
end
if X == 2 then
if slash == false then
slash = true
script.Parent.Tool.Handle.Attack2:Play()
animation = Master.Character.Humanoid:LoadAnimation(script.Parent.LeftSlash)
animation:Play(nil,nil,2)
Master.Character.Tool.Blade.Touched:connect(function (hit)
humanoid = hit.Parent:findFirstChild("Humanoid")
if humanoid and humanoid ~= Master.Character.Humanoid then
if Debounce == false then
Debounce = true
o = Instance.new("ObjectValue")
o.Name = "creator"
o.Value = Master
o.Parent = humanoid
if slash == true and Debounce == true then
SwordDamage()
end
wait(0.45)
Debounce = false
o:Destroy()
end
end
end)
wait(0.45)
slash = false
end
end
end
function onEnabled(mouse) 
mouse.Button1Down:connect(function() onButton1Down(mouse) end) 
end 
script.Parent.Selected:connect(onEnabled)`