I asked to be put on the BWV wait list twice, once in 2000 and once in 2001. (Our home resort is OKW, so I had to wait for the 7-month window.)
In 2000, I was told, "Sorry, the wait list is closed. You can call back as things get closer to see if anything changes." I tried several more times, but the wait list remained closed.
In 2001, I was told, "Yes, I can put you on the wait list." So we went on the wait list for a preferred view or standard view 1BR. Within days, the wait list for a standard view 1BR cleared. Success!
Here's what this tells me: Member Services closes the wait list if, in their estimation, there's no chance that you could be successful. So, if you are allowed to go on the wait list, there must be at least some chance of success.