We consider measures of time-frequency localization (TFL) for stochastic signals. The approach is complementary to the use of TFL in prototype filter design; here, TFL is instead applied to multiplexed waveform packets, with the objective to evaluate multiuser interference in a multiple access scenario rather than combat channel dispersion. We show that a generalization of the Heisenberg parameter to N-dimensional stochastic signals directly characterizes the localization of the inter-user interference in the time-frequency phase space. A tight bound is provided that shows the fundamental trade-off between the TFL of a packet and orthogonality among the multiplexed waveforms inside the packet. Hermite-Gauss waveforms are optimally localized with regard to this measure. We also derive expressions for the TFL of a Gabor system consisting of Nt time-and N f frequency-shifts of a prototype, on conventional and staggered lattices. In the limit of large N , the particular properties of the prototype yield diminishing returns to the overall localization. Lastly, we compare the performance of waveforms in a connectionless and asynchronous random access scenario. At lower access intensities, where the out-of-band emissions are the significant limiting factor, the outage probability for smaller access packets is shown to vary significantly between modulations. This variability diminishes when N is increased, consistent with the presented theory.