I have done it frequently and use a very simple approach (although it will limit your backcasting ability).
Once you get to the edge of the water, take the extra rod and slide the reel end into the top of the back of your waders (between the shoulder straps) deep enough that it is snug. Tilt the rod to your off hand side until the rod touches the shoulder strap on that side. Voila. This works particularly well with neoprene waders but I have used it with Simms Lite as well. You have to remember, though, that you have this seven foot antella sticking over your shoulder and it loves getting caught in trees and such. Also, if your waders are really loose across the chest and back, this won't work as well.