I know I should have waited a little longer but I can't wait.
Is it possible to use present simple tense ("I know") with "should have" (modal verb)?
should have shows that you didn't do the action. Instead, you did something else. So after this, the past tense follows:
I know I should've waited a little longer but I couldn't wait.
know can also be substituted by knew, and the difference is clear.
With a little more of context, this can also works:
I know I should've waited a little longer but I can't wait till tomorrow!