ib – first of all, wait list at NU does not have any bearing on your chances at other schools.
Second, there was an article published in the NY Times a week or so ago, dealing with ‘chances’ in life for those who do not go to one of the “Stanfords” of the world. You should be able to find it with a little googling. It may be the best article on college admissions I’ve ever read. I strongly recommend it to you.