For what it's worth, here are my two pennies. I was accepted at UT last year but turned it down to re-apply to different schools (want more research). Will be matriculating this fall elsewhere (accepted, but WL'd at top choice). If it's clinical experience you're lookin for, UT is amazing. So there's an upside to the crime rate in Memphis haha.
If not accepted this cycle, definitely apply as early as possible this summer (i.e., submit AMCAS on June 1...or whenever they let you submit it), but I'm not sure how that would work if you're still on the WL for this cycle. Applying early makes a big difference. Like a post above me, I was told of a guy last year w/ 33 MCAT, 3.85 Biochem major at top 50 undergrad who was waitlisted at UT. My point is that you should by NO means feel inadequate if not accepted.
As for what to do differently, make sure your #'s are strong enough (MCAT). If you're dead-set on UT, maybe try to get a job working in one of the labs of a faculty member. There are a couple of free clinics where you could work (somewhere in Midtown...I think on Bellevue) that are run by guys who have good connections to UT admissions. Point: try to do something w/ UT such that you could get connected, if you don't already have plans.
If you're waitlisted for the second time, I would think that you're high priority. My friend was rejected first time after being waitlisted for Fall '02 entrance, waitlisted second time then finally accepted July '03. Again, if it still doesn't work out, talk to Mr. Strother to see how to strengthen the app. Apply to a bunch more schools and consider osteopathic.
Keep a truckin. May 15th should hopefully make us happy.
This was more than 2 cents. More like a dollar.