Recently the Internet has been increasingly used for multi-party applications like video-conferencing, video-on-demand and shared white-boards. Multicast extensions to IP to support multi-party applications are best effort, often resulting in packet loss within the network. Since some multicast applications can not tolerate packet loss, most of the existing reliable multicast schemes recover each and every lost packet. However, multi-media applications can tolerate a certain amount of packet loss and are sensitive to long recovery delays. We propose a new loss recovery technique that selectively repairs lost packets based upon the amount of packet loss and delay expected for the repair. Our technique sends a special WAIT message down the multicast tree in the event a loss is detected in order to reduce the number of retransmission requests. We also propose an efficient sender initiated multicast trace-route mechanism for determining the multicast topology and a mechanism to deliver the topology information to the multicast session participants. We evaluate our proposed technique using an event driven network simulator, comparing it with two popular reliable multicast protocols, SRM and PGM. We conclude that our proposed WAIT protocol can reduce the overhead on a multicast session as well as improve the average end-to-end latency of the session.