I don't know about chances, but I had a friend who got off that waitlist last year. She applied full time but they offered her a part-time seat to get off WL. Keep in mind that option.
Also, if I remember correctly, if they DO accept you off WL they require your deposit pretty much within a week, or something maybe even shorter. If you're a paycheck-to-paycheck person, you might want to stash some cash for that eventuality.
thats fine if they need an instant deposit, if they did take me off the waitlist i would 100% go there over anywhere else. Part time is really not an option for me, though I did read in their letter that it does improve your chances.
Write a letter of continued interest to let them know you're 100% committed. Anyway, WL is better than deferral, and YES, I have read the deferral v. waitlist thread.