Obviously, it is called waste, because it has been used. Yet, it the term itself is subjective. We can have this debate for many other things. Some say in the future human will end up mining landfills for materials.
Nearly all, if not all, plastics can be recycled, yet most recycling only do Plastics #1 and #2 and not #3-#7. Some places support other types, but rare. It is a matter of economics.
But for spent fuel (or nuclear waste), we do not have to wait for it to be useful. Actually, I would think if you store spent fuel without reprocessing, then you are creating a proliferation issue, because the shorter lived radionuclide will decay leaving Uranium and Pu-239 pretty much.
As others have said, U-235 and Pu-239, and some isotopes of transuranics can be used as fuel. Other transuranics isotopes are "burned" up. U-238 can be used to breed Pu-239. This requires reprocessing and various reactor technologies.
Some radionuclides like I-131 has uses, but in practice are produced more efficiently using other methods. Again, I-131 has medical uses like treating hyperthroidism and thyroid cancer and is made with the neutron irradiation of Te-130 (http://www.nordion.com/documents/products/I-131_Solu_Can.pdf ).
Important nucildes from nuclear fission that can be used are:
Xe-133 for vascular and lung imaging; (http://www.sciencedirect.com/science/article/pii/S0001299880800080)
Sr-90 has some uses in industry and medicine. Some are wanting to make beta-voltaic batteries with Sr-90 (http://www.hps.org/publicinformation/ate/q219.html ).
Cs-137 can be used in food irradiation. However, it is not as popular as Co-90, because it is water soluble--from being an alkaline metal and not radioactivity. (
http://earth1.epa.gov/radiation/docs/source-management/csfinallongtakeshi.pdf).
These are the ones I can think off the top of my head.
Speaking of billions, millions, and tens of thousands of years, if reprocessing is done, then we can shorten the duration waste remains radioactive. Advanced reprocessing and fast reactors can pretty much eliminate most of the long lived stuff. This would put less restrictions on geological disposal. As we are now a few thousand to several hundreds of years.