1)
I think it's originally from adversative conjunction も. The meaning is more close to resultative conjunction, though.
e.g.
愚かにも(= 愚かなことだが/愚かなことに)同じ過ちを繰り返した。
珍しくも(= 珍しいことだが/珍しいことに)彼が遅刻した。
2)
Or, it could be a dialectal saying of 待っているよ/待っているぞ. (In this usage, 待ってら(あ) is more common, though.)
e.g.
ああ 幸せのトンボがほら 舌を出して笑ってらあ
(This example is for @undrentide -san. )
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