I used to run everday but now at 173 pounds and 5"3 should I wait until my weight is down before running again?

By the way I used to run between 2 to 3 miles a day. I would like to run again but I don't know how much damage it will have on my knees due to the extra weight. I don't have any knee problems right now.

I would not do any running until you get your weight back down. Stick with a bike, or an Elyptical Cross Trainer or even simply walking! These activities will not jar and pound your system like running can. Everyone is different but you can probably start running once your bodyweight gets down to 135 pounds.