This is probably the toughest decision to get from a school. At UVA, the waiting list tends to be large because there are so many different segments to the population here (VA and OOS groups for each of the four schools and the one program that take first year students). At this point, we don't know where there will be openings in the class.
We won't know how large the waiting list is until you all accept or decline your waiting list 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).
Still, the numbers can change dramatically from year-to-year. We took 60 students off the waiting list in 2008 and 288 students the next year. We offered admission to 402 wait-listed students last year, but 42 the year before.
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 somewhere by May 1st to ensure yourself a spot in a freshman class. 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 in your decision letter, which answers the most common questions (is the list ranked, what do I do now, what's the time line, etc.).
We hope you find a peaceful place to think about your options