There's no way around it. This is probably the toughest decision (or maybe it's a "non-decision") to get from a school. We have traditionally offered waiting list spots to a large number of students. This is because there are so many different segments to the population here (VA and OOS groups for each of the four schools that take first year students) and we don't know where there will be openings in the class. We have cut the waiting list down a bit in recent years. This means there aren't as many of you feeling like you are in limbo as there were two or three years ago.
We won't know how large the waiting list is until you all accept or decline your offers. Right now, you've been offered a spot on the list. You aren't actually on it until you reply using the response buttons in SIS (you have until May 1st to do this). You will not be ranked. There have been years when we've taken 60 students off the waiting list (2008) and years when we've taken 288 students off the waiting list (2009). Last year, we offered admission to 240 wait-listed students.
For now, you need to look at your other options and think about which one feels right to you. Some of you will want to hold on and see what happens with the waiting list and others will want to fully invest themselves in another school. Either way, you need to submit a deposit at a school by May 1st to ensure yourself a spot in a freshman class somewhere. If you are offered a spot in our class and you decide to accept it, you'll have to write to that other school and withdraw your name from the class (you may lose your deposit at that school). Just remember that you can't "double deposit".
Feel free chat here. You should have already seen the link to the waiting list FAQ page, which answers the most common questions (is the list ranked, what do I do now, what's the time line, etc.).
CavDog hopes you find a peaceful place to think about your options