It depends greatly on the kinds of departments you've applied to. At the very tip-top places--Penn, Harvard, Princeton, etc--just one (or perhaps no) wait-listed candidates will, in the end, be admitted. At the great majority of schools, though, this isn't at all the case.
At most schools, it's usual to over-admit at the outset. So, if the department wants an incoming cohort of five, they'll probably take, oh, seven, assuming that two of the admitted candidates will decline. How deep the wait-list goes is more difficult to say. A department may wait-list twice the number of students it admits. It may wait-list three times as many. A number of those on the wait list, after all, will take other offers.
When you hear will probably also depend on the putative quality/actual prestige of the departments. Wait-list admissions work--God, forgive me--by trickle down. So. The young woman who's got offers from Michigan, NYU, Cornell, Hopkins, and Brown will have, of course, to say no to four of those schools. When she e-mails the Cornell DGS to say she's going elsewhere, the young man who was admitted to Madison, Ohio State, and Emory, but was wait-listed at Cornell, gets the good news from Ithaca, and on it goes.
The "select" language in the correspondence you've received is reassuring. I would guess--and that's all this is--it means you're in the upper half of the wait-list.