This. My second season so far has resulted in 8 rejections, 1 implicit rejection, and me waiting on 3 schools (one of which is notorious for unfunded PhDs). I honestly do not know what to do with myself for another year or if I can stomach another application season. I'm starting another list of schools for 2013 as I feel my "fitness" was a bit off at some of my schools to give my idle mind some stimulation (I can't even distract with schoolwork as I'm waiting for my final formatting notes from my department approved master's thesis). Ugh.
I'm going to try to use it as motivation. Tear through some theory. Apply to all the conferences I can find. But, it just feels hopeless . . .