Hi Wolff,
When I was wait-listed at IUSM last year, I believe that the letter from the Admissions Office stated that there are about 100 people on the wait list and they take between 40-75 people off the list. With that being said, I can't imagine they have given out all of their acceptances yet or are only interviewing for spots on the wait list. However, since they will probably have to be more conservative with the number of admission offers this year due to the recent budget-related reduction in class size, I anticipate that they may hold off on offering too many more spots until after May 15th - the time at which students with multiple acceptances must choose one school and some IUSM spots will open up. I guess just try not to worry (easier said than done), because the only thing we are really guaranteed is that we will hear back by July 1st.
Additional note: I just looked in my US News and World Report Medical School Guide. In 2006, IUSM received 2,760 applicants (2,104 OOS*, 656 IS*). They interviewed 953 applicants (330 OOS, 623 IS) and matriculated 280 (38 OOS, 242 IS). I'm under the impression that schools offer 1.5-2 times the number of spots in the class, as not all accepted applicants will attend. Assuming this is true, IUSM would have offered around 400 acceptances, then waited to May 15th to see who declined the offer. At that point, they may start pulling people from the 100-person waitlist, eventually accepting ~40-70 from the wait list. Despite the fact that that data is from 2006, it may accurately reflect their current admission cycle numbers since they are decreasing their class size back down to the 280 range.
*OOS = Out of State
