When it comes to your choice school, even a faint glimmer of hope is worth banking on. If you decide to ride out the wait list to vie for acceptance, there's a few rules you should follow. Make sure you want to go to that school as much as you want 50-yard line Super Bowl seats.
Many schools have such statistics available right on their Web sites.
Also, inquire about housing availability and institutional financial aid, since you may not be a school's first priority as a late entrant. Let them know you're interested in attending their school as your first choice. If someone took the time to write a letter, that, psychologically, could play a part in my decision to admit a wait-listed student. While you're at it, brag a little. It shows the school a continued commitment.