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The big rule is orientation - once you attend one second of orientation, you are locked in to that school. You can miss orientation if you're not accepted yet - I've heard stories of people joining a class from the waitlist after the first week. If that's the case, obviously the first class you attend locks you in.
So basically, the absolute latest date "possible" would be the orientation dates for the school you will matriculate into if you don't get off the waitlist. Obviously, reality's a different case. For example, I'm waiting on Case - who starts sometime around 7/11ish, but my only acceptance is to a school that has orientation in August - so timing won't be an issue for me.