What Squishy said about Mt. SAC pretty much hits the spot right on. As far as I know, the point of the waitlist was so that one wouldn't have to reapply every year/semester (correct me if I'm wrong). So regardless if a school had a waitlist or not, you're not guaranteed in the program and you will have to wait (unless you have flying colors on your grades and/or are attending a private school). Mt. SAC is an exception since they DID guarantee acceptance.
Mt. SAC's admittance into the program WAS lottery based and NOT point/GPA based whatsoever (although, you needed to at least hit the pre-req minimum GPA requirement which I think is like 2.5). So, everyone that applied was sent a letter every semester indicating what their lottery # was (lottery # stayed the same) and also told you how many seats (or people) were in front of you. This contributed to the lottery list.
The application for the program has been closed for a year, I believe it is STILL closed. Just as Squishy said, the program is trying to filter out the rest of the lottery students on the list (I think it's around 150 to 250, ballpark; no more than 300 for sure) before the reopen the application process which is NOW based on a multi-criteria screening (aka point system). It would be unfair to the students that are currently on the waitlist to be moved to the multi-criteria screening which does NOT guarantee admittance. The lottery system DID guarantee regardless if you pre-req GPA was 2.5 or 4.0 (I was one of those few that didn't do so hot in the pre-reqs and lucky that I just got in the program before they changed to the point system). Considering the amount of lottery students left, my guess is that the multi-criteria application process won't probably open till next year, 2014 (don't quote me on that, you can call the nursing department to verify or if you have any other questions).
Hope that answered your question about the waitlist if Squishy hasn't already done so (since I'm actually starting the program there). Aside from that, make sure you get your pre-reqs done asap, keep both your GPA and pre-req GPA as high as you can, and try to get hospital experience/work asap!. I'm not sure if I'm allowed to post links, but if you just search up "Mt. SAC nursing" and click on "Application Process," the "Multi-criteria Screening" is in the upper right corner to list EVERYTHING they go by in terms of how many points to give you and for what.