Keep waiting...the current status is that it is not approved for Beijing/2008. Two years ago the IOC made up the list of new sports to be added for Beijing. Dancesport was considered, but rejected. Some sports under consideration were rejected and dismissed, meaning they couldn't try again. Dancesport, however, was not dismissed, which means it is theoretically possible for it to turn up in the 2012 Olympics -- but personally I wouldn't hold my breath waiting.