Yes, absolutely waive all your rights.
Otherwise the schools evaluating your application will assume the authors of the letters of recommendation are not being completely forthright.
In the old days, the letters were considered confidential. But there was a court case which said that LOR were a part of your academic record, so students had a legal right to view them. As a consequence, schools started asking applicants to waive that right.
Basically, everything here sounds right to me:http://www.wiselikeus.com/collegewise/2 ... f-rec.html