According to an article written by the film's editor and associate producer Richard C. Meyer, the longest version is the 132 minute version. This has been confirmed by Vladimir Dorsal, the film's First Assistant and later the head of Mosfilm in Moscow. He says that they only have the 132m version in their vaults and no longer 4 hours version ever existed. The myth may derive from an earlier part of Meyer's article when he states that the rough cut was 4 hours long - not unusual for a film of this scope and scale. But after much discussion the present length was agreed on. He also says he stupidly didn't make a dupe of this rough cut, a usual process in post production. So this 'cut' will never see the light of day. It is clear from the cast list that many characters were cut. The film was planned as a Road Show release but by 1970 the practice had lost favor with the studios. Columbia Pictures also shortened CROMWELL for the same reason. Richard Heffer who play a major featured role in the film says the script as filmed was much longer than the film that came out that many of the cast had huge chunks of their roles deleted.
All UK video and DVD releases are cut by 22 secs to remove horse falls. The B.B.F.C have cut 'Waterloo' in accordance with their policy of censoring scenes showing actual (or what appears to be actual) cruelty inflicted upon animals during filming. For instance, in the British DVD release the scene where the French Cavalry charge the red-coated British squares has lost a few seconds where a horse and rider topple forward after being gunned down. This was cut because of the scene's apparent use of the 'Running W' device, a notorious (and illegal) technique in which a stunt rider charges a horse into a 'W' shaped trip wire to make it fall forwards head over heels on-cue. All horse falls can be seen uncut on the American Region One DVD release.