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I don't know when they start (I presume not before May), but they go pretty late. My son was offered admission off the waitlist on June 11th last year. Good luck!
^ I would assume that that is what most people would do. It isn't a great idea to not put in a deposit anywhere, since very few people actually get accepted off of the waitlist.
One more thing - the day after we found out about being waitlisted he called NU and spoke to someone in admissions and reiterated that NU was his top choice and would go there if offered admission. Then we sent in the waitlist acceptance card and wrote on the card that NU was his top choice. Didn't do anything else other than that. We had given up hope after June 1. They called us on June 11th.