http://www.cnn.com/2008/POLITICS/01/12/edwards.sc/index.html
Perhaps Waterloo is a bad example as that was a pretty closely run battle so maybe it is more like his Fredericksburg as he is polling something on the order of 20-25 points behind. He won SC convincingly in 2004, but that was against John Kerry. With Obama and Clinton sucking all the oxygen out of the room, Edwards seems ready to turn purple. It's not that he hasn't run a good campaign, because he has. However, it just doesn't matter when Hillary and Obama are rockstars within the party.
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