You will need to edit /etc/lilo.conf as root. Comment out the line that reads timeout=50. After editing lilo.conf you will need to run lilo, type lilo in shell, as root and press enter. See example below.

# Specifies the number of _tenths_ of a second LILO should
# wait before booting the first image. LILO
# doesn't wait if DELAY is omitted or if DELAY is set to zero.
delay=20

# Prompt to use certaing image. If prompt is specified without timeout,
# boot will not take place unless you hit RETURN
prompt
# timeout=50

Thanks very much. As an update I finally figured out how to edit the file using vi etc/lilo.conf. I changed the timeout to read 250 and then typed from root.../sbin/lilo -v. However my change did not take effect. Still getting almost instaneous boot to Knoppix.
Could you explain how to "comment out" and what command is issued to have the change take effect? Thanks.

When you edit lilo.conf, use the hash(#)mark before the line to comment out.

prompt
timeout=50

becomes

prompt
#timeout=50

Be sure changes are saved after editing. I have always used lilo in a root shell as the command for the changes to take effect, however, lilo -v should work as well.

That works. Thanks very much, I appreciate it!