Actually, "Wasted Time" by the Eagles is more about hitting middle age and finding yourself alone and lonely after one, possibly more, failed relationships, and trying to compensate with one-night stands, booze, and/or drugs.
"Hours go by like minutes" means that the older you get the faster time goes by for you, until you have to stop and wonder where your life went. And when Joe Walsh says "I could have done so many things baby, if I could only stop my mind from wondering what I left behind, and from worrying about this wasted time", he is actually pointing out the irony of wasting even more your life thinking about the time you've lost.