What does being wait-listed mean?
Being wait-listed means that you met the admission requirements but the college has already accepted the maximum number of students. If a spot becomes available, you may be offered a place but this is usually after the May 1 decision deadline has passed.
If you are really interested in that college you may choose to remain on the waiting list but you should be prepared to attend another college. You should notify that college and send your deposit by May 1. If the college you are wait-listed comes through and you accept, you will lose your deposit at the other college.