The high activity - short time (a few hundred years) part of the waste, the thing that makes that it is hot and dangerously active, are the fission products which are NOT transmutable, QUOTE]
What drives these exotic schemes to dispose of reactor waste such as shoot into outer space or throw it into a volcano, is the public perception that nuclear waste is somehow extremely dangerous.
As vanesch pointed out in the quote above, the actinides are all usable as reactor fuel, after reprocessing they will all be used or bred into fuel for some type of reactor. Within a few hundred years the fission products will be less radioactive than the original uranium that went into the reactor. My wife and I have a great set of fiesta ware dishes, glazed with uranium. These dinner dishes are more radioactive than those fission products will be in a few hundred years (the bowls are about 30 mRad/hr or about 1000 times natural background in our area). As others have pointed out, make glass out of the fission products, give them ventilation to dissipate the modest heat, and then in a couple of hundred years, glaze my dinner dishes with them. I'd love to have a set of those dishes! And that is no humor intended. I'd bye'em at a reasonable price! Great conversation starters for your upscale gatherings.
I think the volcano would be great fun though! First site selection - I wouldn't pick an explosive subduction type volcano though, I'd go for a rift type, where the magma comes to the surface and is relatively gas free. Weight the fission products with something heavy, maybe cast iron (lead is probably too toxic!) and throw the balls into an area just above a lava tube. As the fission products are mixed in the lava tube they would be complexed into the basalt and ultimately buried under tens of thousands of tons or basalt, one of the most stable rocks on earth! A poor man's vitrification. Ultimately though, Volcanoes are like wives, they work on their own schedule and do what they want, so it's probably easier just to build your own vitrification plant and make upscale dishes!