That's where I was last year... There's a chance, but odds vary greatly depending on school. I was telling all my friends that got in at my school to go elsewhere so I could get in off the waitlist, haha. It's a good sign though, it means the school would like to have you, but they just don't have spots available. Some schools will waitlist another 50-60 students beyond their capacity just in case, but my school wouldn't tell me my position on the list. (Didn't work out for me, but I made it in this year)