Have you ever read Seth Godin’s book The Dip? The sunk costs concept (although he doesn’t refer to it by that term) fits in really well with this, it talks about goals/aspirations and the investment needed to get there, and how we decide whether it’s worth it.
I guess gambling is another prime example of ‘sunk costs’. Once you’ve put $XXX into that slot machine…
I do hate waiting in line, and I will avoid it if there’s an alternative. Like you, I’m more inclined to wait a reasonable amount of time for some really tasty food, but I’d never camp out in front of a ticket office/concert venue.