Comment Out of the question (Score 2, Informative) 258
So in essence, the "waste" is really fuel containing 100x as much energy as you've already extracted from it. If you send it to a breeder reactor, it can use the "waste" as fuel thus extracting more energy. The "waste" from that process converts it into a form which light water reactors can use again as fuel. You extract a much larger fraction of the energy from the original uranium, and the end product of all this would only remain "hot" for a few centuries instead of dozens of millenia.
"OMG - this solves the nuclear waste problem! Why aren't we doing this?" Unfortunately, breeder reactors create weapons-grade plutonium as a byproduct. That's the only reason we don't do it - it's a purely political reason, not technical. President Carter banned the commercial use of breeder reactors in the U.S. in the interest of non-proliferation (the military still can and does use them).
I won't judge whether Carter made the correct call - that's a political decision. But you can see why you do not want to be selling spent fuel to a country you frequently butt heads with on the geopolitical arena. First, you're selling them cheap energy (that we ourselves choose not to tap for political reasons). Second, you're selling them the means to make more nukes.