So I received an email that said I was put on the wait list for a TA position. I was wondering if any of you have had this experience and if so how did it pan out?

You'll have to be more specific with the course. There is no standard to hiring TAs; it varies from professor to professor.

The course is IntroPsych

There are always a couple of TAs who decide not to take the job, or quit early in the year, but the number is usually quite low. It's probably not in your best interest to place your hopes on the wait list.