Waiting list anyone?

[lkg]

I got the following message from a univ where I applied for PhD in finance starting fall 2014 after being interviewed for 5 mins a week earlier:

 

"You have been selected as a top choice among the large pool of applicants we received. Unfortunately, funding is very limited. At this point, all initial admission offers with financial assistance have gone out. We will retain a waiting list because there may be last minute changes and newly admitted students may change their mind about attending our program. Unfortunately, it's impossible to predict when, and if, this will occur. Please let me know if you would like to remain on the waiting list."

 

I chose to be on the waiting list. Has anyone had a similar experience before? What was the end result? What are the chances the WL gets converted to an admit, and how soon can it happen?

The university in question is Rutgers.