If you are waitlisted for that entire period as a block (all or nothing), I'd say your chances may be slim. You didn't say how long you've been on the waitlist, so that may play a role, too.
There could be quite a few people ahead of you on the list, and 7 nights straight is an awful long time to come available all at once.
A few suggestions:
1. If you really want to go, I'd make sure you were on the waitlist for a studio as well. I'll take a 1B over a studio anyday, but right now you've got nothing.
2. Try calling MS periodically and see if you can get some of your days at one resort and the rest at another. Again, moving mid-week may not be ideal, but it's better than staying home. With a little luck, you might be able to get 2-3 days at one resort and 2-3 days at another, leaving you left with just one or two days still on the waitlist.
And, if you end up booking a split stay, you can stay on the waitlist and try to eventually consolidate all of your days at one resort. It's a lot easier to get 2 or 3 days straight on the waitlist than it is to get an entire week. While you're waitlisted, if 6 of your 7 nights come available, NOTHING will be booked in your name until that 7th day opens up. And those 6 nights won't be held for you in the meantime, meaning someone else calling for a ressie or on the waitlist could grab them.
Good luck.