I would ask dozens of hypotheticals in my head while waiting to hear back from grad schools. What if I got into my favorite program and my third favorite program - but got a better financial package from my third favorite school? I asked my friends who knew nothing about the programs just for another opinion - "Where would you rather see me go?"
What I didn't realize at the time, is that much of this thinking was simply wasted energy. I should have just spent a bit more time studying the ins-and-outs of each program. It turned out that I was admitted to two of my top three programs. While I had a good experience talking with the faculty from one of those two programs - the faculty at the second school (which was initially my third overall choice) suddenly started blowing me away with phone calls and e-mails. They were friendly, knowledgeable and did a great job selling me on the program.
What I should have done while waiting on those applications is taken up a new hobby. I should have played a few more rounds of golf or gone snowboarding. I should have spent less time thinking about where I would end up until all of my cards were on the table.
So - if you're reading this waiting to hear back on graduate school applications. Maybe spend some time making a few files, filling each file with information about each program to which you applied. Then go outside. Go for a hike. Spend some time at the gym. Learn a new hobby.
Don't get too caught up in worrying about hypotheticals. Let the chips fall where they may and often the decision will essentially be made for you.