Lots of good answers so far, so I'll just add a couple of points. The top-rated heart medical centers (places like Cleveland and Mayo) no longer recommend waiting for symptoms before surgery. That is because with modern diagnostic techniques, e.g., echocariography and angiograms, changes in the heart can be detected before symptoms set in. As Al said, once the aortic valve has diminished in surface area to less than 0.8 cm squared, surgery is usually indicated. In addition, the heart attempts to compensate for diminished valve function; over time this results in dilation of the ventricle (which is what does the actual pumping of blood). After surgery, this may correct itself; however, the changing size of the ventricle, and the extra strain, may cause rhythm problems and begin to involve other previously normal valves through distortion of the tissue.
Not everyone who has aortic stenosis has aortic insufficiency. But, sooner or later, a stenotic valve often causes regurgitation (leakage) because calcification of the valve impedes its ability to close properly.
Even without symptoms, there are risks to your health that you should be aware of. You should have prophylactic antibiotics prior to any invasive procedure, including having your teeth cleaned. This is because diseased/misshapen valves are more likely to become infected (endocarditis). Also, you should avoid any kind of isometric exercise, which is the kind where you strain against an unmoving force (example: using a lug wrench on a car wheel). The reason is that isometric exercise increases the pressure in the body's great vessles. On the other hand, aerobic exercises, like walking, biking, swimming, etc., actually reduce the pressure in the great vessels, and is a good thing as long as you have no symptoms like fainting or severe shortness of breath.
Over-exerting yourself at this time is not a good idea. As others have mentioned, sudden cardiac death is possible with this condition, although rare. Just use common sense and you should be fine.
I hope this helps a little.
Best,
--John