It depends a lot on the school; I'm sure above poster is right about UF. At some schools, they like to do their accepting outright, and the waitlist is just somewhere 95% of people get strung along for a few months. But other places may do a bunch of their acceptances from the waitlist. It's difficult to make any blanket statements one way or the other.
Better than rejected outright, anyway.
Edit: Oh, and the point of this all anyway: I had a 40 MCAT. Guess where I got accepted off of? Don't fret yet. Hang in there!