I was just accepted into the program for Fall 2012. The points system is based on 6 base classes: Anatomy, Physiology, Intro to Psych, Developmental Psych, Microbiology, and Writing and Composition. The higher the grade, the higher your score. You also receive extra points for having a Bachelors degree or being a veteran. Some of the scores are also weighted based on the number of tries it takes you to successfully complete the course.
I'm not sure where the rumor about a two-year wait list started, but they erase the wait list each semester. So you have to reapply each semester if you are not accepted.
Unfortunately, they do not take your GPA into account. Or anything else for that matter. They only use the points from the 6 classes that I mentioned earlier. There are 88 seats open each semester (Fall and Spring) and they take the top 88 scores. To give you an idea of your chances, I applied before completing Physiology, but I had an A in everything else except Intro to Psych (which I got a C in back in my lazy undergrad days). I also got the extra points for having a Bachelors. I was originally #13 on the wait list when letters were mailed (in March, I think) and was officially accepted last week.
Hope that helps! Good luck!