Off the top of my head, I'm not sure which USCF rule applies, but I'm certain that if a TD observes a player clearly burning down the clock in a losing position, the TD can simply award the game to the other guy.
Simple. You should have notified the TD.
Position in my current game, I am playing Black.
Opponent: "I'll wait till the clock hits 0.01." (16minutes on clock)
Has anyone ever done this in an actual OTB game, like in a tournament setting?
What happened/would happen if it did?
On the street I'd probably just break the guys nose. There should be an industry dedicated to exterminating these people.