PLT OF A MOONEY 201 IS CLRED TO RWY TO HOLD FOR RELEASE. HE BEGINS TKOF ROLL AND TWR TELLS HIM STOP IMMEDIATELY. THERE IS ANOTHER ACFT ON APCH FOR INTERSECTING RWY.

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AT APPROX XX00Z; WE PREPARED TO DEPART ON AN IFR FLT PLAN. DUE TO STRONG NW SURFACE WINDS; WE WERE OFFERED THE USE OF RWY 30; WHILE LARGER PLANES WERE USING INTERSECTING RWY 5. MY WIFE; A 'LAPSED' FORMER IFR-RATED PLT (CIRCA 1000 HRS); WAS WORKING THE RADIOS FOR US; AS SHE AND I HAD DONE ALTERNATELY DURING MANY PREVIOUS FLTS TOGETHER. I THOUGHT I HAD HEARD THE TWR CTLR SAY 'CLRED FOR RELEASE RWY 30;' WHEN HE HAD ACTUALLY SAID (AS HE EXPLAINED LATER) THAT I WAS TO 'TAKE RWY 30 AND HOLD FOR RELEASE.' AS I STARTED THE TKOF; THE CTLR CORRECTLY ORDERED ME TO STOP 'IMMEDIATELY;' WHICH I WAS ABLE TO DO BEFORE GETTING TO THE INTXN WITH RWY 5. AT THAT TIME; I WAS ABLE TO SEE OVER THE TREES AND SAW A TWIN ENG PLANE ON APCH TO LNDG ON RWY 5. THE TWR CTLR ORDERED ME TO DO A 180 DEG TURN TO GO BACK TO THE BEGINNING OF OUR RWY 30. AFTER ANOTHER 180 DEG TURN (AND THE OTHER PLANE HAD LANDED); HE RELEASED US FOR TKOF ON MMU4 DEP; RWY 30. I WAS TRULY IN ANGUISH AT HAVING CAUSED THE 'CLOSE CALL' WHICH WOULD HAVE BEEN A CATASTROPHE FOR THE OTHER PLANE'S OCCUPANTS AS WELL AS OURSELVES. AS WE LIFTED OFF; I APOLOGIZED TO THE QUICK-THINKING CTLR; WHO SAVED ALL OF US. WE ALL READ ABOUT MISUNDERSTOOD INSTRUCTIONS WHICH LEAD TO CATASTROPHES AND THINK IT CAN'T HAPPEN TO US. OBVIOUSLY; IT CAN AND ALMOST DID; AND MY WIFE AND I ARE THANKFUL FOR THE CTLR'S QUICK REACTIONS. MY WIFE'S INJURIES FROM A FALL 2 DAYS BEFORE; MULTIPLE XRAYS AND AIRPLANE BOARDING DIFFICULTIES; CONTRIBUTED TO OUR PERCEPTION PROBS IN RADIO COMS.