There are 100+ different strains of HPV. Some of them cause anogenital warts (these RARELY, if ever, progress to cancer), some cause cellular changes that MAY lead to cancer (but most of these do not progress to cancer), some cause no symptoms.
Abnormal pap smears are common. Your physician has, from what you described, identified the strain of HPV you have as a "low risk kind" --- which means low risk for cancer.
So, the strain you have may not be the kind that causes anogenital warts.
The other answer'er' is incorrect. The majority of HPV strains, especially those acquired at a younger age, are "cleared" by the bodies immune system within 18 months (which is why most physicians wait before treating to see if the infection clears up on its own). It is NOT always TRUE that once you have a virus you have it for life, though this is a common misconception.
HPV is a very slow moving virus....the average time from acquisiton of high risk strain of HPV until a detection of cervical cancer is 20 years (Am. Journal of Epidemiology, 2000:Mathematical model for the natural history of HPV infection and cervical carcinogenisis)
It is important to have colposcopy performed so that your physician can get a better/magnified look at the cervix and possibly, if needed, take a small biopsy. While you shouldn't wait to make an appointment to have this done, this is not an emergency situation that requires asap action. But again, call today and take the first available appointment.