Waiting List

Lets say i have enough points to go on a one week vacation next year. If there is a week I want to go and it is booked at the resort i want and I ask to be put on a waiting list, can I also book a week somewhere else in case i dont get the hotel that i am waiting on? Or will the system not let me book anything else because I wait listed and may get that? TIA and sorry that I'm blowing up reddit, just have a lot of questions!