Hey UCLAman - I visited Wake last week. The adcom meets again March 26th to admit 10-15 more people. Also, they told me that they'll be interviewing candidates through the end of March and possibly through the first week of April.
Sorry, I don't know if they'll wait until all the interviewees have been seen before moving to the waitlist or if the waitlist is reviewed at each adcom meeting.
But if it's any consolation, about 50% of the interviewees are eventually offered acceptances, and the M1 who hosted our lunch got in off the wait list.
Good luck!