The wet sounding lungs is prbably either asthma, pneumonia, or possibly heart failure. I hope that you've taken the cat to the vet by now-this could be very serious and it's not something that you can do the wait and see thing with.
Hi,
If you haven't already taken the cat to emergency, then I'd take him to your vet first thing Monday (tomorrow).
Since it's been 12 hours, it's hard for me to judge at this point. If the situation deteriorated since you wrote the post, then I assume you took him into the emergency vet. Otherwise, nothing has changed, you should be fine until morning.
Chances are that kitty has a respiratory infection. You'll probably need an antibiotic. These respitory infections are easy to know out, but you do have to take it seriously.